In 6 years, a bond that paid 5.5% earned $594 interest. What was the principal of the bond?

Goroth asked Oct 25, 2022

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3 votes

In 6 years, a bond that paid 5.5% earned $594 interest. What was the principal of the
bond?

Goroth asked Oct 25, 2022

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14 votes

Answer:

Principal = $1800

Explanation:

594 = (p * 5.5 * 6)/(100)

(594 * 100)/(5.5 * 6)

59400/33 = p

1800 = p

Chrystyna answered Oct 30, 2022

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