I = $440, P= 1, r= 5%, t = 4 years

IFink asked Feb 7, 2023

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IFink asked Feb 7, 2023

by IFink

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20 votes

We have to use the simple interest formula

Let's replace the given information

$440=P(1+0.05\cdot4)$

Then, we solve for P.

$\begin{gathered} 440=P(1+0.2) \\ 440=P(1.2) \\ P=(440)/(1.2)\approx366.67 \end{gathered}$

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