Answer to Question #84270 in Financial Math for J

Question #84270

Find the principal invested if the simple interest earned in 5 years by an investment at 5% per annum is $100

Expert's answer

If the simple interest earned in 5 years by an investment at 5% per annum is $100, then the principal invested is

I = Prt,

P = I/(rt) = 100/(0.05*5) = $400.

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