Simple Interest Application Simple interest is given by the formula A = P + Prt. Where A is the balance of the account after t

Question

Simple Interest Application
Simple interest is given by the formula A = P + Prt. Where A is the balance of the
account after t years, and P is the starting principal invested at an annual percentage rate
of r, expressed as a decimal.
Noah is investing money into a savings account that pays 3% simple interest, and plans to
leave it there for 20 years. Determine what Noah needs to deposit now in order to have a
balance of $50,000 in his savings account after 20 years.
Noah will have to invest $ now in order to have a balance of
$50,000 in his savings account after 20 years. Round your answer to the nearest dollar.

Kunduz · Accepted Answer

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