What multiplies to 330 and adds to 61
1 answer:
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Answer:
Principal, P = $23675.90
Step-by-step explanation:
Given the following data;
Interest rate = 2.2 %
Future value = $27000
Time = 6 years
Number of times = 365 days
To find the principal amount, we would use the compound interest formula;
Where;
A is the future value.
P is the principal or starting amount.
r is annual interest rate.
n is the number of times the interest is compounded in a year.
t is the number of years for the compound interest.
Substituting into the equation, we have;
Principal, P = $23675.90