If an account earns 3% simple interest, how much would you need to deposit in it now in order to have $6000 in 8 years? Round your answer to the nearest cent. NOTE: Formulas: i = prt, and A = p + i = p + prt=p(1 + rt) A = Future Value p = Principal i = Earned Interest r= - Simple Interest Rate t = Time, in Years A = $6000 + $6000(0.03) (8); A = $7440 O A = $6000 + $6000(0.3)(8); A = $20,400 O p = $6000/(1+ (0.03)(8)); p = $4838.71 O p = $6000/(1+ (0.3)(8)); p = $1764.71 O None of These

If an account earns 3% simple interest, how much would you need to deposit in it now in order to have $6000 in 8 years? Round your answer to the nearest cent. NOTE: Formulas: i=prt, and A=p+i=p+prt=p(1+rt) - A= Future Value - p= Principal - i= Ecrned Interest - r= Simple Interest Rate - t= Time, in Years A=$6000+$6000(0.03)(8);A=$7440A=$6000+$6000(0.3)(8);A=$20,400p=$6000/(1+(0.03)(8));p=$4838.71p=$6000/(1+(0.3)(8));p=$1764.71 None of These