college math hw

Question

Find how much should be invested to have $22,000 in 10 months at 9.4% simple interest.

Answer 1

22000 in 10 months at 9.4% annual interest rate

20110(1.094) = about 22000

in one year, 12 months, at 10%, 20100 becomes 20100+2010= 22,110

at less interest, 9.4, for shorter time, more than $20,100 is needed to get $22,000 in 10 months

$20,110 is about the right amount, about $10 more

or

22000/1.094= $20,109.69