Simple interest is given by the formula A = P + Prt. Where A

Last updated: 8/6/2022

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. Devante is investing money into a savings account that pays 2% simple interest, and plans to leave it there for 10 years. Determine what Devante needs to deposit now in order to have a balance of $20,000 in his savings account after 10 years. Devante will have to invest $ now in order to have a balance of $20,000 in his savings account after 10 years. Round your answer to the nearest dollar.