How much should you invest at 3% simple interest in order to earn $65 interest in 14 months?

The investment amount is approximately $63

Step-by-step explanation:

Formula:-

Simple interest I = PNR/100

P - Principle amount

N - Number of years

R - Rate of interest

It is given that,

To find the amount to be invest

we have,

P = ? N 14 months  = 7/6 years and R = 3%

P + PNR/100 = 65

P[1 + NR/100] = 65

P[1 + (7*3)/(6*100)] = 65

P[1 +7/200] = 65

P[207/200] = 65

P = (65*200)/207 62.801 ≈ 63

Therefore the investment amount is approximately $63

You should invest approximately $1857

Step-by-step explanation:

The simple interest is calculated using the formula;

Where P is the principal - the amount to be invested.

We must convert the 14 months to years.

is the time in years.

is the rate percent.

I=$65 is the interest.

We substitute the values into the formula to get;

Simplify to get;

You should invest approximately $1857

the first one

step-by-step explanation:

just id the test.