# Simple interest is given by the formula A=P+PrtA=P+Prt. Where AA is the balance of the account...

###### Question:

Simple interest is given by the formula A=P+PrtA=P+Prt. Where AA is the balance of the account after tt years, and PP is the starting principal invested at an annual percentage rate of rr, expressed as a decimal.

Keegan is investing money into a savings account that pays 4% simple interest, and plans to leave it there for 20 years. Determine what Keegan needs to deposit now in order to have a balance of $50,000 in his savings account after 20 years. Keegan will have to invest$ now in order to have a balance of $50,000 in his savings account after 20 years. Round your answer to the nearest dollar. Simple Interest Application 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. Keegan is investing money into a savings account that pays 4% simple interest, and plans to leave it there for 20 years. Determine what Keegan needs to deposit now in order to have a balance of$50,000 in his savings account after 20 years. Keegan will have to invest $now in order to have a balance of$50,000 in his savings account after 20 years. Round your answer to the nearest dollar.

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