Simple interest is given by the formula A = P + Prt. Where A is the balance of the account after t years, and P is the starting principal invested at an annual percentage rate of r, expressed as a
decimal.
Brian is investing money into a savings account that pays 3% simple interest, and plans to leave it
there for 10 years. Determine what Brian needs to deposit now in order to have a balance of $40,000
in his savings account after 10 years.
Brian will have to invest $
now in order to have a balance of $40,000 in
his savings account after 10 years. Round your answer to the nearest dollar.