Question

how much would you need to deposit in order to earn an interest of $36 in 3 years at 3%

Answer 1

To earn $36 in interest in 3 years at 3%, you would need to deposit $400.

Answer 2

Given:
- Interest = $36
- Interest rate = 3% (or 0.03 as a decimal)
- Time = 3 years

We can use the formula for simple interest:

Simple Interest = Principal * Rate * Time

Plugging in the values:

36 = P * 0.03 * 3

36 = 0.09P

To solve for P

P = 36/0.09

P = 400

So, you would need to deposit $400 to earn an interest of $36 in