<span>$ 3,450.00
</span>Equation:
A = P(1 + rt)
To earn $345.45 simple interest in 7 years, you have to invest $940.
<u>Step-by-step explanation:</u>
Step 1:
Given details are Simple Interest Rate (R) = 5.25%, Simple Interest (SI) = $345.45, Time (T) = 7 years
Step 2:
Use the above details to find principal using the formula for Simple Interest (SI) = PRT/100
⇒ 345.45 = (P × 5.25 × 7)/100
⇒ 34545 = 36.75 P
⇒ P = $940
R=104.
104/6=17.33333333333333
52/3=17.33333333333333
Hope this helped☺☺
