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yawa3891 [41]
4 years ago
8

Basil earned $631.40 in 7 years on an investment at a 5.5% simple interest rate. how much was basils investment

Mathematics
1 answer:
blondinia [14]4 years ago
3 0

Answer:

Option B. \$1,640

Step-by-step explanation:

we know that

The simple interest formula is equal to

I=P(rt)

where

A is the interest amount Value

P is the Principal amount of money to be invested

r is the rate of interest  

t is Number of Time Periods

in this problem we have

t=7\ years\\ I=\$631.40\\r=0.055

substitute in the formula above

\$631.40=P(0.055*7)

P=\$631.40/(0.055*7)=\$1,640

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