Respuesta :
The amount of money does Liam need to put in the simple interest account to earn $750 in interest, is $6250.
What is simple interest?
Simple interest is the amount charged on the principal amount with a fixed rate of interest for a time period. Simple interest calculated only on the principal amount.
The formula for the simple interest can be given as,
[tex]I=\dfrac{Prt}{100}[/tex]
Here, (I) is the interest amount earned on the principal amount of (P) with the rate of (r) in the time period of (t).
Liam wants to put some money in a simple interest account. He pays R=6% interest annually for t=2 years. Liam would like to earn I=$750 in interest.
Put the values in the formula,
[tex]750=\dfrac{P\times6\times2}{100}\\P=\dfrac{750\times100}{6\times2}\\P=6250[/tex]
Thus, the amount of money does Liam need to put in the simple interest account to earn $750 in interest, is $6250.
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The amount of money does Liam need to put in the simple interest account to earn $750 in interest, is $6250.
What is simple interest?
Simple interest is the amount charged on the principal amount with a fixed rate of interest for a time period. Simple interest calculated only on the principal amount.
The formula for the simple interest can be given as,
Answer: $6,250
Step By Step: Here, (I) is the interest amount earned on the principal amount of (P) with the rate of (r) in the time period of (t).
Liam wants to put some money in a simple interest account. He pays R=6% interest annually for t=2 years. Liam would like to earn I=$750 in interest.
Put the values in the formula,
Thus, the amount of money does Liam need to put in the simple interest account to earn $750 in interest, is $6250.
