simple interest

Question

How much should be invested at 7% to have $1600 at the end of 1.5 years? (Round your final answer to two decimal places.)

Answer 1

simpel interest...i= (%/100)*(start $)*(time, in yeers)

i=1600$, 7%, 1.5 yeers

1600$=(7/100)*start*1.5

start=1600*(100/7)/1.5

=160000/10.5

start$=15,238.10$