Calculate the principal amount which earns $500 simple interest over 3 Years at a rate of 8% p.a round to the nearest cent

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asked Jun 6, 2019 90.7k views

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ValenceElectron · Answer 1 · 2019-06-12T12:08:40+0000

$500 was earned over 3 years
so, to find one year
500 ÷ 3 = $166.67

Interest for one year is $166.67
Interest rate for one year is 8%

8% = 166.67
1% = $20.83
100% = $2083.33

Principal amount is $2083.33

Calculate the principal amount which earns $500 simple interest over 3 Years at a rate of 8% p.a round to the nearest cent

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