IP1U8 8.3.4 Worked Example 2
IP1U8 8.3.4 Worked Example 2
TGM Original Questions
Michael wants to invest a sum of money in a bank which offers a simple interest at \(12\%\) per annum. How much does Michael have to invest if he expects to have \(\$50\,000\) in total at the end of \(3\) years? Correct your answer to the nearest thousand.
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Answer:\(\$37\,000\)
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