Question

An investment earns 6% simple interest. What amount of principal is needed to have $3000 after 5 years? Round your answer to the nearest cent.

Answer 1

I = p*r*t
$3000=p*.06*5=?
Multiply and you would have yor answer(rounded to nearsest cent)!

Answer 2

Answer: Principal = $10000

Step-by-step explanation:

Since we have given that

Rate of interest = 6%

Interest = $3000

Number of years = 5 years

As we know that "Simple interest":

$Interest=\dfrac{P\times R\times T}{100}\\\\3000=\dfrac{P\times 5\times 6}{100}\\\\3000=\dfrac{30\times P}{100}\\\\3000\times 100=30P\\\\\dfrac{300000}{30}=P\\\\\ 10000=P$

Hence, Principal = $10000