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3 years ago

Sarah borrowed some money from her father at a simple interest rate of 5.5% to pay for her college tuition. At the end of the ye

ar, she paid the father $2,555 00. Find the amount she borrowed from her father

Mathematics

1 answer:

gavmur [86]3 years ago

4 0

$\bf ~~~~~~ \textit{Simple Interest Earned Amount}
\\\\
A=P(1+rt)\qquad 
\begin{cases}
A=\textit{accumulated amount}\to &\$2555\\
P=\textit{original amount deposited}\\
r=rate\to 5.5\%\to \frac{5.5}{100}\to &0.055\\
t=years\to &1
\end{cases}
\\\\\\
2555=P[1+(0.055)(1)]\implies \cfrac{2555}{1+(0.055)(1)}=P
\\\\\\
\cfrac{2555}{1.055}=P\implies 2421.800947867 \approx P$

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