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6 September, 14:16

Bert is planning to open a savings account that earns 1.6% simple interest yearly. He wants to earn exactly $192 in interest after 3 years. How much money should he deposit?

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  1. 6 September, 15:56
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    I = Prt

    $192 = P*.016*3

    $192/.048 = P = $4000

    Bert should deposit $4000 to reach his interest goal.
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