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