A man wins the pools. he intends to invest a certain sum of money at an interest rate of 20%p.a. How much must he invest to gain $250 interest per week?
2006-06-30 00:13:20 · 4 answers · asked by cute_penguin21 1 in Science & Mathematics ➔ Mathematics
its simple interest
2006-06-30 00:17:52 · update #1
x*20/100*1/52=250
x=(250*100)*52)/20
x=1250*52=65000
x=Principal
2006-07-06 20:47:03 · answer #1 · answered by Anonymous · 0⤊ 0⤋
20% interest... p.a. is per annum, right?
$250 * 52 * (1 / 20%) = $250 * 260 = $65000...
Wow, he must be rich... but of course, in a few years, he'll be gaining more than $250 a week... The $250 a week will stay constant if he withdraws $13000 p.a....
2006-06-30 08:39:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋
x*1/52*20%=$250
so x=250*100*52/20=260*250=$65000
2006-06-30 07:19:02 · answer #3 · answered by raj 7 · 0⤊ 0⤋
depends on whether it is the compund or simple interest rate
2006-06-30 07:16:44 · answer #4 · answered by Ivanhoe Fats 6 · 0⤊ 0⤋