Lennie Cavan earned 576 in interest when she invested in a fund paying 9.5% simple interest for 4 years. How much did Lennie invest originally using the simple interest formula?

Solution

Solution

Principal : 1515.79

Solution steps

Translate the problem into an equation:

576 = P \cdot 0.095 \cdot 4

Solve for

P, 576 = P \cdot 0.095 \cdot 4 : P = 1515.79

Principal : 1515.79

Popular Examples

One number is two more than another. Their sum is 8.Seven more than the product of a number and 9 is 3 two consecutive numbers whose sum is 229 the scale of a rectangle is 1cm:320m. the length of the rectangle is 2.5 cm and the width is 12.5 cm. what is the real life area of the rectangle?Reggie opened a savings account and deposited 300.00 as principal. The account earns 4% interest, compounded annually. What is the balance after 5 years?