danalovesdogs danalovesdogs
  • 26-03-2017
  • Mathematics
contestada

Determine the deposit that must be made to earn $49.27 in 325 days at 6%

Respuesta :

jdoe0001 jdoe0001
  • 26-03-2017
if we assume, this is simple interest at 6%, since you never specified above

then we can say that [tex]\bf \qquad \textit{Simple Interest Earned}\\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\to &49.27\\ P=\textit{original amount deposited}\\ r=rate\to 6\%\to \frac{6}{100}\to &0.06\\ t=years\to &\frac{325}{365} \end{cases}[/tex]

notice, "t" is in years, so 325 needs to be converted to years by dividing it by 365

solve for "P", or the Principal amount
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