Question

Using the simple interest formula $I = Prt$, determine the deposit that must be made to earn $23.71 in 220 days at 3.31% p.a. The deposit required is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

          Using the simple interest formula $I = Prt$, determine the deposit that must be made to earn $23.71 in 220 days at 3.31% p.a.
The deposit required is $
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Using the simple interest formula I = Prt, determine the deposit that must be made to earn 23.71 in 220 days at 3.31% p.a.
The deposit required is
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Added by Daniel M.

Calculus: Early Transcendentals

James Stewart 8th Edition

Instant Answer

Solved by Expert Syed Mustafa

06/04/2022

Step 1

We are given: - Principal amount (P) = unknown - Interest rate (r) = 3.31% per annum = 0.0331 (in decimal form) - Time (t) = 220 days Show more…

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Using the simple interest formula I=Prt,determine the deposit that must be made to earn $23.71 in 220 days at 3.31%p.a. The deposit required is s (Round the final answer to the nearest cent as needed.Round all intermediate values to six decimal places asneeded.)