Answer:
$ 1875
Step-by-step explanation:
Richard invests some amount P. He want the money he invested to gain an interest of $300.
A = P(1 + n×i)
A = P + 300
i = 0.08
n = 2
P + 300 = P(1 + 2×0.08)
P + 300 = P(1.16)
300 = 1.16P - P
300 = 0.16P
300/0.16 = 0.16P/0.16
P =300/0.16
P = $1875
Richard should invest $1875 if he wants an interest of $300 in 2 years.
