Answer:
529.41
Step-by-step explanation:
From the above question, we are to find the Principal
The formula to find the Principal (Initial amount invested) is =
P = A / (1 + rt)
Where
A = Amount paid after t years. = 720
r = rate of interest = 6% = 0.06
t = time in years = 6
First, converting R percent to r a decimal
r = R/100 = 6%/100 = 0.06 per year.
Solving our equation:
P = 720 / ( 1 + (0.06 × 6)) = 529.41176470588
Approximately
P = 529.41
Therefore, Kaitlyn's brother borrowed 529.41 for school
