Li invests money in a savings account. She wants to know the amount of simple interest that she will earn in 6 years at 3.75 percent. What additional information does she need to find this amount?
A. principal
B.amount of time
C.interest rate
D.the type of account
Answers
li need A. principal in addition
Given : Li invests money in a savings account. She wants to know the amount of simple interest that she will earn in 6 years at 3.75 percent.
To Find : What additional information does she need to find this amount?
A. principal
B. amount of time
C .interest rate
D. the type of account
Solution:
the type of account = Saving account given
SI = Simple interest
P = Principal
R = Rate of interest
T = Time period of investment
SI = P * R * T / 100
SI = Need to be found
P = ?
R = 3.75 %
T = 6 Years
So only missing factor is P
Hence She needs to know principal to find the amount of simple interest that she will earn in 6 years at 3.75 percent.
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