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When invested at an annual rate of 5%, an amount earned Php 15,000.00 of simple interest in 2 years. How much money was initially invested?
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When invested at an annual rate of 5%, an amount earned Php 15,000.00 of simple interest in 2 years. How much money was initially invested?

User Jim C
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1 Answer

3 votes
Given:
r = 8% = 0.05, simple interest rate
t = 2 years, duration
A = 15,000.00, value after 2 years

Let P = principal, the amount invested.
Then
P(1+ 2*0.05) = 15000
P = 15000/1.1 = 13636.36

Answer: Php 13,636.36

User Ciaranc
by
8.5k points
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