Simple Interest ApplicationPPrt. Where A is the balance of the account after tSimple interest is given by the formula Ayears, and P is the starting principal invested at an annual percentage rate of r, expressed as a decimal.Julian is investing money into a savings account that pays 5% simple interest, and plans to leave it therefor 15 years. Determine what Julian needs to depositsavings account after 15 years.now in order to have a balance of $40,000 in hisJulian will have to invest $now in order to have a balance of $40,000 in hissavings account after 15 years. Round your answer to the nearest dollar.

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Asked Sep 20, 2019
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Simple Interest Application
PPrt. Where A is the balance of the account after t
Simple interest is given by the formula A
years, and P is the starting principal invested at an annual percentage rate of r, expressed as a decimal.
Julian is investing money into a savings account that pays 5% simple interest, and plans to leave it there
for 15 years. Determine what Julian needs to deposit
savings account after 15 years.
now in order to have a balance of $40,000 in his
Julian will have to invest $
now in order to have a balance of $40,000 in his
savings account after 15 years. Round your answer to the nearest dollar.
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Simple Interest Application PPrt. Where A is the balance of the account after t Simple interest is given by the formula A years, and P is the starting principal invested at an annual percentage rate of r, expressed as a decimal. Julian is investing money into a savings account that pays 5% simple interest, and plans to leave it there for 15 years. Determine what Julian needs to deposit savings account after 15 years. now in order to have a balance of $40,000 in his Julian will have to invest $ now in order to have a balance of $40,000 in his savings account after 15 years. Round your answer to the nearest dollar.

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Expert Answer

Step 1

Given,

...
A $40,000,r = 5% = 0.05 and t
15
_
We know that,
A PPrt
Let the investing amount be P
40,000 P P(0.05) (15)
40,000 P0.75P
40,000 1.75P
P 22,857.14
P 22,857
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A $40,000,r = 5% = 0.05 and t 15 _ We know that, A PPrt Let the investing amount be P 40,000 P P(0.05) (15) 40,000 P0.75P 40,000 1.75P P 22,857.14 P 22,857

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