Question

# How much must be placed in a five month term deposit earning 4.4 simple interest in order to earn $480 interest Ratios, rates, proportions ANSWERED asked 2020-11-10 How much must be placed in a five month term deposit earning 4.4 simple interest in order to earn$480 interest

Formula for Simple Interest is as follows - Simple Interest = $$\displaystyle{P}{X}{R}{X}\frac{{T}}{{100}}$$ P = Principal Sum , R = Rate of Interest = 4.4 (in this case ) & T = Term during which the Principal Sum stays invested = 5 months ( in this case ) = $$\displaystyle\frac{{5}}{{12}}$$ years So, the equation becomes - $$\displaystyle{480}={P}{X}{4.4}{X}\frac{{5}}{{{12}{X}{100}}}$$
So , $$P =( 480 \times 12 \times 100 ) / ( 4.4\times 5 )$$