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20 December, 05:43

Safe side bank pays an interest rate of 8% per year on certificate accounts. How much money must be put intoo an account ot earn $60 in one year?

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Answers (2)
  1. 20 December, 07:40
    0
    X*0.08=60. x=750 dollars
  2. 20 December, 08:38
    0
    Simple interest assuming

    I=PRT

    P=amount put in

    r=rate

    t=time in years

    60=I for now

    60=P (0.08) (1)

    divide both sides by 0.08

    750=P

    should put $750
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