Description
If the accumulated amount is $3,720 at the end of 3 years and the simple rate of interest is 8%/year, what is the principal?
A. | ||
B. | ||
C. | ||
D. |
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Explanation & Answer
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We just need to use the following expression:
F=P(1 + r*t)
So first, we solve for P by dividing by (1+ r*t) from both sides like this.
F /(1+r*t) = P*(1+r*t)/(1+r*t) -------------> F/(1+r*t) = P -----------------> P = F/(1+r*t)
So we know: F = $3,720 ; t = 3 years ; r = 8% / year = 8/100 = 0.08 (in decimal form)
Then we enter 3,720 in place of I, 3 in place of t, and 0.08 in place of r into the equation.
P = 3,720/(1+0.08*3) = 3,720/(1+0.24) =3,720/1.24 = 3000
Final answer: P = $ 3000 (so it's option C).
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