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vlada-n [284]
3 years ago
15

How much principal must be deposited in a 5 year simple interest account that pays 4,75% interest to earn $500 in interest

Mathematics
1 answer:
allsm [11]3 years ago
8 0

Answer: $2105.26

Step-by-step explanation:

<u>Concept:</u>

The formula to find simple interest is I=Prt

<u>Given:</u>

t=5 year

r=4.75%

I=$500

<u>Solve:</u>

I=Prt

500=P(4.75%)(5)

100=P(4.75%)

<h2>P=$2105.26</h2>
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