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1 answer:
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Answer:
Step-by-step explanation:
we know that
The simple interest formula is equal to
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
step 1
Find the rate of interest
in this problem we have
substitute in the formula above and solve for r
The rate of interest is
step 2
Find the sum of money that will amount to 25,500 in 5 years, at the same rate of interest
in this part we have
substitute in the formula above and solve for P