What is the principal which would amount to $6900 in 3 years at 5% simple interest per annum?
1 answer:
Answer:
$6000
Step-by-step explanation:
accumulated amount = A = PI
A = $6900
Let P = x
6900 - I = x
I = (x)(0.05)(3yrs) = 0.15x
6900 - 0.15x = x
Add
6900 = 1.15x
Divide, solve for x
x = 6000
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