How much principal must be invested to earn $36 in 1/2 a year at an interest rate of 8%?

asked Jan 16, 2023 188k views

5 votes

How much principal must be
invested to earn $36 in 1/2 a year
at an interest rate of 8%?

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5 votes

Answer
900$

let our principal be P
as SI = P x R x T / 100
=> P x 8 x 1 / 100 x 2 = 36
=> 0.04 x P = 36
=> P = 36 / 0.04
=> P = 900$

Pgsandstrom answered Jan 18, 2023

5.7k points

4 votes

Answer:

Simple interest: $70.56

Annually compounded Interest: $90.65

Step-by-step explanation:

Yesenia answered Jan 20, 2023

4.7k points

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