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Please help! After five years of earning interest at an annual rate of 4%, an investment has earned $1,200 in interest. Determine the amount of the initial investment. Show all w…

Please help! After five years of earning interest at an annual rate of 4%, an investment has earned $1,200 in interest. Determine the amount of the initial investment. Show all w…
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Please help! After five years of earning interest at an annual rate of 4%, an investment has earned $1,200 in interest. Determine the amount of the initial investment. Show all work for full credit.

User Newtopian
by
6.9k points

1 Answer

2 votes
I=prt,,,1200=5*0.04 p,,p=6000
User Harshalb
by
8.3k points
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