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The simple interest on a sum of money invested at 3% per annum for 2 years was $39.75. Calculate the sum of money invested

The simple interest on a sum of money invested at 3% per annum for 2 years was $39.75. Calculate the sum of money invested
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The simple interest on a sum of money invested at 3% per annum for 2 years was $39.75.

Calculate the sum of money invested

User Gogaz
by
7.4k points

1 Answer

5 votes

Answer:

$37.50

Explanation:


P+Prt=39.75 \\ \\ P+P(2)(0.03)=39.75 \\ \\ 1.06P=39.75 \\ \\ P=\$37.50

User Benblo
by
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