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