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Interest : 40principal: xrate: 1.66%time : 4
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1 vote
Interest : 40principal: xrate: 1.66%time : 4

User Bacongravy
by
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1 Answer

5 votes

The simple interest is given by:


I=PVrt

Where:

PV = Present value or principal

I = Interest

r = rate

t = time

Solve for PV:


\begin{gathered} PV=(I)/(rt) \\ so\colon \\ PV=(40)/(0.0166\cdot4) \\ PV=602.4 \end{gathered}

Answer:

$602.4

User Bicentric
by
6.5k points
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