Question

You deposit $400 in an account. The account earns $72 simple interest in 6 years. What is the annual

Answer 1

The principal was $600.

Explanation:

Find principal by using the formula , where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.

In this example I = $72, i = 4% and t = 3 years, so

Answer 2

Answer: 173,200

Step-by-step explanation:

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Interest= Principal x Rate x Time

Interest = ($400)($72)(6)= 172,800+400= 173,200