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

Question

asked Jun 5, 2020 168k views

1 Answer

Callisto · Answer 1 · 2020-06-10T22:09:59+0000

Answer:

$P=\$65,062.35$

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)]

$P=\$65,062.35$