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

60,614 views

35 votes

Max Bumaye asked Oct 17, 2023

2.9k points

Your comment on this question:

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Email me at this address if my answer is selected or commented on:Email me if my answer is selected or commented on

Privacy: Your email address will only be used for sending these notifications.

19 votes

Given

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

Answer

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

3.3k points

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

1.6m questions

2.0m answers