How much money would you have to invest to make $300 within 2 years if the interest rate was 4.5%?

How much money would you have to invest to make $300 within 2 years if the interest rate was 4.5%?

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is it compound or simple interest?

simple interest

ok, then you have to first know the equation for simple interest, which is I = prt, so I is interest, p ir principal amount invested, r is rate, and t is time, so your equation is 300 = p * (4.5/100) * 2 p is the amount you need to invest to get the interest of 300. and we have to divide the percentage by 100 to get a rate in decimal. so, you simplify and ssubstitute to get: 300 = p * 0.09 p = 300/0.09 p = 3333.33$ so you got to invest 3333 dollars and 33 cents to get 300$ interest after 2 years at 4.5% simple interest

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