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Whitepunk [10]
3 years ago
11

How much did you invest if you earned $131.60 in interest at a rate of 4% for seven years?

Mathematics
1 answer:
Ket [755]3 years ago
4 0

The amount invested is $ 470

<h3><u>Solution:</u></h3>

Given that ,  we have earned $131.60 as simple interest for an amount deposit at the rate of 4% for seven years.

We have to find the amount invested.  That is, we need to find the principal sum

Let us use the simple interest formula

<em><u>The simple interest is given as:</u></em>

\text { Simple interest }=\frac{p r i n c i p a l \times \text {rate of interest } \times \text {number of years}}{100}

Here, simple interest = $ 131.60

Rate of interest = 4 %

Number of years = 7

principal = ?

Substituting the values in formula, we get

\begin{array}{l}{131.6=\frac{\text { principal } \times 4 \times 7}{100}} \\\\ {131.6 \times 100=\text { principal } \times 4 \times 7} \\\\ {13160=\text {principal } \times 28} \\\\ {\text {Principal }=470}\end{array}

Thus the amount invested is $ 470

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