Determine the principal that will earn $294 in 5 years at 6% per annum simple interest
Question
Solution 1
To determine the principal that will earn $294 in 5 years at 6% per annum simple interest, you can use the formula for simple interest:
I = PRT
where: I is the interest, P is the principal, R is the rate of interest, and T is the time.
In this case, you know that I = $294, R = 6% or 0.06 (as a de Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
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