Question

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

Answer 1

`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`