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how much should a man deposit in a bank at 8% interest if he wants to gain 1,600 in a year. (please give the formula)

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VilesXviz
let x be the amount
1,600=X(0.08)
x = 1600/0.08
x = 20000
Mlcparra16viz
[tex]I=PTR[/tex]
I is for interest
P is Principal, T is Time(in years) and R for rate

[tex]1600=P*1*0.08[/tex]
[tex]160,000=8P[/tex]
[tex]20,000=P[/tex]

He should deposit P20,000

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