Answer:
You would have to deposit approximately 268.57 dollars
Step-by-step explanation:
Formula for simple interest I=prt
the interest wanted is 470 so I=470
p=principal amount, this is what we are solving for
r=rate, this is 35%
t=time, this is 5 years
470=p(35%)(5)
470=p(0.35)(5)
470=p(1.75)
divide both side by 1.75)
p=268.571428571
rounded=268.57
