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jolli1 [7]
3 years ago
8

The simple interest on a sum of money invested for 6 months at 5% per annum is $1680. Find the amount of money invested

Mathematics
1 answer:
olga55 [171]3 years ago
3 0

9514 1404 393

Answer:

  $67,200

Step-by-step explanation:

The amount if interest is given by the formula ...

 I = Prt

where P is the amount invested, r is the annual rate, and t is the number of years. Here, we want to find P when r = 0.05 and t = 1/2 such that I = 1680.

  P = I/(rt) = $1680/(0.05·0.5) = $1680/0.025

  P = $67,200

The amount invested was $67,200.

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