raheemwalter raheemwalter

14-01-2021
Business

contestada

- Interest: A sum fetched a total simple interest of $ 4016.25 at the rate of 9 %.p.a. in 5 years. What is the sum?

Respuesta :

Samawati Samawati

16-01-2021

Answer:

$8,925

Explanation:

Calculation of simple Interest is by the formula

I= P x r x t

Where I = Interest

p= principal

r= interest rate

t= time in years

In this case

I=$4016.25

p=???

r= 9% or 0.09

t=5 year

Therefore;

$4016.25= P x 0.09 x 5

$4016.25 = P0.45

P=$4016.25/0.45

P=$8,925

The principal is $8,925

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