A bank pays an interest of 4.5% for a three month term deposit. Calculate the amount...
A bank pays an interest of 4.5% for a three month term deposit. Calculate the amount that Stokes must invest to earn an interest of $100.00. Round to nearest 100th. Show your work.
Homework Answers
|
Interest to be earned |
$ 100.00 |
|
Interest rate |
4.50% |
|
Amount to be invested (100/4.5%) |
$ 2,222.22 |
Strokes need to deposit $ 2222.22 or Just $2,222 to earn an amount of $100 as interest in three months.
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