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WITCHER [35]
4 years ago
10

The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate.

Business
1 answer:
dmitriy555 [2]4 years ago
7 0

Answer:

P = $ 45833.33

Explanation:

Given data:

interest amount = $11,000

time = 4 year

interest rate = 6%

we know that

simple interest = PRT

11000 = P\times 0.06\times 4

solving for Principal amount P,

P = $ 45833.33

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