Question

Interest = $45.58, time = 1 year, rate = 2.25%. Find the principal. Round to the nearest hundredth place

Answer 1

$2,025.78

Explanation:

I = Prt ⇒ P =
`(I)/(rt)`

2.25% = 0.0225

P = 45.58 ÷ ( 0.0225 × 1 ) ≈ $2,025.78