Find the principal invested in $800 interest is earned and eight years at an interest rate of 4%
2 answers:
Answer:
2500 Bucks
Step-by-step explanation:
Interest is equal to the product of the principal amount multiplied by the rate of interest and time and also divided by 100
Answer:
Given:
Principal: P
Interest rate: 4% (without mentioning in details, this is annual interest rate)
Interest earned: 800$
Find:
Principal
Solution:
The amount of money after 8 years with annual rate 4% is calculated by:
A = P x (1 + 4/100)^8 = 1.369 x P
A - P = 800
=> 1.369 x P - P = 800
=> 0.369 x P = 800
=> P = 800/0.369 = 2168.022$
Hope this helps!
:)
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