an account earned $286.54 in simple interest over 5 years and 9 months. There were no deposits or withdraws on the account. The interest rate is 2.5%. What is the initial amount put into the account
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Solution :-
Simple Interest = $ 286.54
Rate of Interest 2.5 %
Time = 5 years and 9 months
= 5 years and 9/12 months
= 5 3/4 year
= 23/4 year
Principal = ?
Simple Interest = (P*R*T)/100
⇒ 286.54 = (P*2.5*23)/(100*4)
⇒ 57.5P = 285.54 × 400
⇒ 57.5P = 114616
⇒ P = 114616/57.5
⇒ P = Rs. 1993.32
So, the principal is Rs. 1993.32
Answer.
Simple Interest = $ 286.54
Rate of Interest 2.5 %
Time = 5 years and 9 months
= 5 years and 9/12 months
= 5 3/4 year
= 23/4 year
Principal = ?
Simple Interest = (P*R*T)/100
⇒ 286.54 = (P*2.5*23)/(100*4)
⇒ 57.5P = 285.54 × 400
⇒ 57.5P = 114616
⇒ P = 114616/57.5
⇒ P = Rs. 1993.32
So, the principal is Rs. 1993.32
Answer.
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