Help plese I hope the pic works

Mathematics

1 answer:

Ivan2 years ago

6 0

A=100
b=8
w=108
756 divided by 7=108

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what was the original principal for an 8% simple interest bank account that holds $4340 after 3 years?

strojnjashka [21]

The principal amount is $\$3500$

<u>SOLUTION: </u>

Given that, simple interest $8\%$ ; $\$4340$ after 3 years

We have to find the principal.

Now, let the principal amount be p.

Then, $\text { Simple Interest }=\frac{p \times 8 \times 3}{100}=\frac{p \times 24}{100}$

Now, we know that, Balance = Principal amount + Simple Interest

$\begin{array}{l}{\rightarrow \$ 4340=p+\frac{24 p}{100}} \\\\ {\rightarrow 4340=p\left(1+\frac{24}{100}\right)} \\\\ {\rightarrow 4340=p \times \frac{100+124}{100}} \\\\ {\rightarrow p=4340 \times \frac{100}{124}} \\\\ {\rightarrow p=35 \times 100} \\\\ {\rightarrow p=3500}\end{array}$