Answers

2014-06-07T22:40:52+08:00
Let x be the amount
1,600=X(0.08)
x = 1600/0.08
x = 20000
1 5 1
2014-06-07T22:42:21+08:00

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I=PTR
I is for interest
P is Principal, T is Time(in years) and R for rate

1600=P*1*0.08
160,000=8P
20,000=P

He should deposit P20,000
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