Question

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.

Answer 1

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