Interest question

Question

How much must Jiaxing invest in an 8-month term deposit earning 3.2% p.a. in order to earn $550 in interest?

Answer 1

Yes, that's an interesting question all right. You have a rate (3.2% yr^-1), a time (2/3 year), and a result ($550 interest). All you need is the first factor, the investment. Investment*rate*time = payment. Really, you should be able to take it from there. But what was the issue, as you thought about the problem? These things (investment, rate of interest, time, etc) are not things you've never ever seen in your life before, are they? If they are, so be it, but go find a peer, perhaps, to tutor you a little, to get you up to speed on basic living knowledge.

-- Cheers, --Mr. d.