Answer:
$12500
Step-by-step explanation:
use si formula
SI=ptr/100
si=5000
t=10
r=4
Simple interest can be defined as the interest that accumulates on investment, savings, or a loan.
The amount you need to deposit in an account now in order to have $5000 to the nearest cent is $3,571.
From the question, we can see that we are to find the amount you need to deposit, this is also referred to as the Principal.
The formula to find the principal for simple interest is given as:
P = A / (1 + rt)
Where:
A = Final amount in the account = $5000
R = Interest rate = 4%
t = Time in years = 10 years
Calculation:
First, converting R percent to r a decimal
r = R/100 = 4%/100 = 0.04 per year.
Solving our equation:
P = 5000 / ( 1 + (0.04 × 10)) = 3571.4285714286
P = $3,571.43
Approximately to the nearest cent is $3,571.
Therefore, the amount you need to deposit in an account now in order to have $5000 to the nearest cent is $3,571.
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https://brainly.com/question/11412624
