Nate has an account that pays 2.76% simple interest per year and wants to accumulate $3,090 in interest from it over the next 15 years. how much money should nate invest in this account to meet his goal?

Given:

interest rate = 2.76%

simple interest = 3,090

term = 15 years

Looking for the principal.

Simple Interest = Principal * interest rate * term

3,090 = Principal *.0276 * 15

3,090 = Principal * 0.414

3,090 / 0.414 = Principal

7,463.77 = Principal

Nate should invest 7,463.77 to meet his goal.