Answer: to earn $550 in 9 months at a rate of 6.5%, you would need to invest approximately $855.38 as the principal amount.
Step-by-step explanation: To find the principal amount needed to earn $550 in 9 months at a rate of 6.5%, we can use the formula for simple interest:
Principal = Interest / (Rate * Time)
Substituting the given values:
Principal = $550 / (6.5% * 9 months)
we need to convert the percentage rate to decimal form:
6.5% = 0.065
calculate the principal:
Principal = $550 / (0.065 * 9 months)
we find that the principal would be approximately $855.38.
HOPE THIS HELPS!!!