In 6 years, a bond with a 5.5% annual interest rate earned $660 as interest. What was the principal amount of the bond?

Max Bumaye asked Oct 17, 2023

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Max Bumaye asked Oct 17, 2023

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Given

In 6 years, a bond with a 5.5% annual interest rate earned $660 as interest.

Answer

$\begin{gathered} I=(p* r* t)/(100) \\ 660=(p*5.5*6)/(100) \\ 66000=p*33 \\ p=(66000)/(33) \\ p=2000 \end{gathered}$

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