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- Interest: A sum fetched a total simple interest of $ 4016.25 at the rate of 9 %.p.a. in 5 years. What is the sum?

User Roxdurazo
by
7.3k points

1 Answer

3 votes

Answer:

$8,925

Step-by-step explanation:

Calculation of simple Interest is by the formula

I= P x r x t

Where I = Interest

p= principal

r= interest rate

t= time in years

In this case

I=$4016.25

p=???

r= 9% or 0.09

t=5 year

Therefore;

$4016.25= P x 0.09 x 5

$4016.25 = P0.45

P=$4016.25/0.45

P=$8,925

The principal is $8,925

User Saeed Gholamzadeh
by
7.6k points