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Katie earned $1200 in 8 years on an investment at a 6% annual simple interest rate. How much was Katie’s investment? $945 $2500 $4500 $9000
asked
Apr 26, 2018
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Katie earned $1200 in 8 years on an investment at a 6% annual simple interest rate. How much was Katie’s investment?
$945
$2500
$4500
$9000
Mathematics
college
Ram G Athreya
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Ram G Athreya
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1
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Given
Time = 8 yer a
Rate = 6% = 0.06
Interest earned = $1200
Simple Interest
Let P = the principal (the investment)
Then
P*8*0.06 = 1200
0.48P = 1200
P = 1200/0.48 = $2500
Answer: $2500
Ajay Sivan
answered
May 1, 2018
by
Ajay Sivan
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