Answer to Question #288119 in Financial Math for Rychiko

Question #288119

When invested at an annual interest rate of 7% the amount earned P11,200 of simple interest in 2 years. How much money was originally invested?

Expert's answer

for simple interest:

"A=P(1+rt)"

originally invested:

"P=A\/(1+rt)=11200\/(1+0.07\\cdot2)=9824.56"

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