nicoleriddle
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help please!!

Eric wants to earn $100 in simple interest in a bank account
earning 2% annually. How much principal would he need to invest
in the account to meet his interest goal in 5 years?

Respuesta :

Answer:

Principal is $1000

Step-by-step explanation:

• From the formular of simple interest:

[tex]s.i = principal \times rate \times time[/tex]

• substitute and find the principal:

[tex]100 = p \times \frac{2}{100} \times 5 \\ \\ 0.1p = 100 \\ \\ = { \underline{ \: \:1000 \: \: dollars \: \: }}[/tex]

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