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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

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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