Question

Find the principal amount invested if there is $9300 in the account after 5 years and earned 4% simple interest per year.

Answer 1

Answer:

11314.87379 (This is still rounded).

Step-by-step explanation:

Year 1:

9300*4%=372. 9300+372=9672.

Year 2:

9672*4%=386.88. 386.88=10058.88.

Year 3:

10058.88*4%=402.3552. 402.3552+10058.88=10461.2352.

Year 4:

10461.2352*4%=418.449408. 418.449408+10461.2352=10879.68461

Year 5:

10879.68461*4%=435.1873843. 435.1873843+10879.68461=11314.87379.