Calculate the amount of money invested at 9.25% per annum, when $5 781.25 simpleinterest was collected after 5 years.
Question
Solution 1
To calculate the amount of money invested, we can use the formula for simple interest which is:
I = PRT
where: I = Interest P = Principal amount (the initial amount of money) R = Rate of interest T = Time the money is invested for
We are given: I = $5,781.25 R = 9.25% = 0.0925 (in decimal form) T Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
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