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An investment earns 11% simple interest. What amount of principal is needed to have $4500 after 6 years? Round your answer to the nearest cent.
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An investment earns 11% simple interest. What amount of principal is needed to have $4500 after 6 years? Round your answer to the nearest cent.

User AnkurVj
by
8.1k points

1 Answer

3 votes

Answer:

Explanation:

Formula =P×R×T=I

P×11/100×6=4500

66/100p=4500

100/66×66/100=4500×100/66

P=6818.1818.......

=6818.18

User Belgther
by
7.9k points
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