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tatuchka [14]
3 years ago
8

How much should you invest at 3% simple interest in order to earn $65 interest in 14 months?

Mathematics
2 answers:
alexgriva [62]3 years ago
7 0

Answer:

You should invest approximately $1857

Step-by-step explanation:

The simple interest is calculated using the formula;

I=\frac{P\times T\times R}{100}

Where P is the principal - the amount to be invested.

We must convert the 14 months to years.

T=\frac{14}{12}=\frac{7}{6} is the time in years.

R\%=3\% is the rate percent.

I=$65 is the interest.

We substitute the values into the formula to get;

65=\frac{P\times \frac{7}{6}\times 3}{100}

Simplify to get;

65\times 100=P\times \frac{7}{2}\times 1

\frac{6500\times2}{7}=P

1857.14=P

You should invest approximately $1857

Lostsunrise [7]3 years ago
3 0

Answer:

The investment amount is approximately $63

Step-by-step explanation:

Formula:-

Simple interest I = PNR/100

P - Principle amount

N - Number of years

R - Rate of interest

It is given that,

To find the amount to be invest

we have,

P = ? N 14 months  = 7/6 years and R = 3%

P + PNR/100 = 65

P[1 + NR/100] = 65

P[1 + (7*3)/(6*100)] = 65

P[1 +7/200] = 65

P[207/200] = 65

P = (65*200)/207 62.801 ≈ 63

Therefore the investment amount is approximately $63

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