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.
Cameron is investing money into a savings account that pays 2% simple interest, and plans to leave it
there for 15 years. Determine what Cameron needs to deposit now in order to have a balance of
$30,000 in his savings account after 15 years.
Cameron will have to invest $
now in order to have a balance of
$30,000 in his savings account after 15 years. Round your answer to the nearest dollar.