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

User Jjharrison
by
6.3k points

1 Answer

7 votes

Answer:

Principal = $1800

Explanation:


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


(594 * 100)/(5.5 * 6)

59400/33 = p

1800 = p

User Mathieu Rodic
by
5.4k points
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