Rewrite 5\11 and 3\7 so that they have common denominator
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Answer:
The principal amont was $35,000
Step-by-step explanation:
This is a simple interest problem.
The simple interest formula is given by:
In which E are the earnings, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.
In this problem, we have that:
We want to find P. So
The principal amont was $35,000
if we take £15837.77 to be the 100% and we increase it by 18.5%, that'll be 100% + 18.5% = 118.5%.