can someone help me with this algebra problem please?

Question

How much should you deposit into a savings account at 5% annual simple interest in order to have a balance of $300 after 5 years?

so, how much interest was earned for the investment after 5 years?

Answer 1

very simple question: Use this formula when answering questions with SIMPLE interest: FV = PV (1+ {r(n)}) so r = 0.05, n = 5 and since you want to know how much I need to deposit TODAY, we are looking for PV, so FV is $300. Solving for PV by re-arrranging the formula,
PV = FV / (1+{r(n)}) or
PV = 300 / (1+ 0.25). The "0.25" is what you get when you multiply 0.05 (which is r) with 5 (which is n), i.e. 0.05 x 5 = 0.25.

So now the PV = 300 / 1.25 = $240. So you need to put $240 in the account today.

To answer your second question, the amount of (simple) interest earned is what you have received, 300 - 240 (what you put in) = $60 was received in simple interest over the 5-year period.

hope that helped.

Answer 2

Simple Interest Fomula I= Prt You want to know the amount of P to achieve $300 (I) after 5 years (t) at 5% annual interest (r).
Using this formula you isolate P to solve the equation. It ends up looking like this: I/rt = P now plug in your numbers and you will be able to find out what principal you need to get $300 interest in 5 years.

My mistake you want your balance to be only $300 after 5 years.
I'd rather have $1500 after 5 years. Use 1.25x = 300 to find the answer.

Answer 3

If you deposit $235...after one year at 5% interest you will have $246.75, after 2 years at 5% interest $259.09, 3 years at 5% interest $272.04, 4years at 5% interest $285.64, 5 years at 5% interest $299.93.

It has been a LONG time since I did any algebra so I don't guarantee I am even close to correct.

Answer 4

After one year, you would have 105% of what you put in
After two years, you would have 110%
three years, 115%
four years, 120%
After five years, you would have 125% of what you put in.
So, x being equal to original amount, 1.25x = 300

therefore X = 240

Answer 5

Divide 300 by 1.05. That will equal what you had after 4 years.
Divide that number by 1.05, that will be what you had after 3 years, etc. End up with 235.06 as a starting figure.

Answer 6

X is initial amount that will be earning %5 interest for 5 years.

Do your own homework.

Answer 7

This might be wrong but i multiplyed .05 (5%) and 5 (ys) together and got 0.25 and then I multiplied that by 240 and got 60 and when you add it together tada 300!
so the answer is 240

Answer 8

$1200

Answer 9

After one year, you would have 105% of what you put in
After two years, you would have 110%
three years, 115%
four years, 120%
After five years, you would have 125% of what you put in.
So, x being equal to original amount, 1.25x = 300

Answer 10

A(t) = A0(1+ tr)

* A(t) = Amount after t years
* A0= Principal (start amount)
* r = Interest rate
* t = Time in years
300 = A0(1.25)

A0 = 240