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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

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