Harry must deposit $28,627 in order to earn $800 interest in 120 days.
We follow these steps to arrive at the answer.
We have :
Interest Rate = 8.5% per annum
No. of days = 120 days
Interest on Deposit = $800.
Let the principal amount invested be 'x'. The formula we use in this case is as follows:
[tex] Interest earned = Principal * Interest rate * \frac{No. of days of deposit},{No. of days per year} [/tex]
Substituting the values in the formula we have,
[tex] 800 = x * 0.085 * (\frac{120}{365}) [/tex]
[tex] 800 = 0.027945205x [/tex]
[tex] x = 28627 [/tex]
