Question

What amount of money will accumulate to $680.57 in 83 days at 4.6%?​

Answer 1

P=\$65,062.35

Step-by-step explanation:

we know that

The simple interest formula is equal to

I=P(rt)

where

I is the interest Value

P is the Principal amount of money to be invested

r is the rate of interest

t is Number of Time Periods

in this problem we have

t=(83/365)\ years\\ P=?\\ I=\$680.57\\r=0.046

substitute in the formula above

680.57=P(83/365)(0.046)

680.57*365=P(83)(0.046)

P=680.57*365/[(83)(0.046)]

P=\$65,062.35

Step-by-step explanation:

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