How much should you invest at $2 \%$ simple interest in order to earn $\$ 50$ interest in 9 months?
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Answer

Calculate the principal: Principal = 3333.33

Steps

Step 1 ：Use the formula for simple interest: Interest = Principal * Rate * Time

Step 2 ：Plug in the given values: 50 = Principal * 0.02 * (9/12)

Step 3 ：Convert 9 months to years: 50 = Principal * 0.02 * 0.75

Step 4 ：Solve for the principal: Principal = 50 / 0.015

Step 5 ：Calculate the principal: Principal = 3333.33