How much to the nearest dollar should you deposit in a savings account at 2.5% annual simple interest in order to have a balance of $20,000 after five years?

The amount we have to deposit in a savings account x = $ 17777.78

Step-by-step explanation:

Amount = $ 20000

R = 2.5 %

Time = 5 years

Take principal amount = x

Simple interest earned in five years

S.I. =

  ------- (1)

We know hat total amount is given by

Total amount = principal amount + simple interest

A = x + S.I.

Given that the total amount after 5 years is = $ 20000

x = $ 17777.78

This is the amount we have to deposit in a savings account.

sure i'm up for it

step-by-step explanation:

b). 4320 have a nice day