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  • 20-11-2022
  • Mathematics
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17. Jun is investing an amount at 15% simple interest for 3 years. If he intends to have P48 200.00 at the end of the term, what must be his principal?​

Respuesta :

mhanifa
mhanifa mhanifa
  • 20-11-2022

Answer:

  • Principal must be P33241.38

---------------------------------

Simple interest formula

  • A = P(1 + rt), A- future amount, P- principal, r- rate, t - time

Given

  • A = P48200,
  • r = 15% = 0.15
  • t = 3 years

Find P

  • 48200 = P(1 + 0.15*3)
  • 48200 = P*1.45
  • P = 48200/1.45
  • P = 33241.38
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