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How much would need to be invested at 5.25% annual simple interest to amount to $7,520 in 6 years?

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1 Answer

simple interest + principal = $7,520
(principal)*(interest)*(periods) + (principal) = $7,520
(principal)*(.0525)*(6) + (principal) = $7,520
(principal)*(0.315) + (principal) = $7,520
(1.315)*(principal) = $7,520
principal = $5718.6311
 
$5718.6311 would have to be invested at a 5.25% annual simple interest rate to amount to $7,520 in 6 years.
 
Hope this helps!
 
Luke