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Saylor Henshaw earned $120 in simple interest in 9 months at an annual interest rate of 5%. How much money did he invest?

Saylor Henshaw earned $120 in simple interest in 9 months at an annual interest rate of 5%. How much money did he invest?
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Saylor Henshaw earned $120 in simple interest in 9 months at an annual interest rate of 5%. How much money did he invest?

User Rajkishan Swami
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1 Answer

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annual interest is P*r^t, r is 0.05 here, t is 9/12=3/4=0.75
P*0.05^0.75=120
use your calculaor: P= 120÷ (0.05)^0.75=1135
so he invested about 1135 dollars
User Gandharv Garg
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