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Camille invested money into an account that earned annual simple interest with a rate of 6.5%. She made no additional deposits or withdrawals, and after 9 years she had earned $1,755 in interest. What was the amount of Camille's initial investment ?

Respuesta :

Given:

Rate(R)= 6.5

Time(T)=900

Amount(A) = $1755

Initial amount = principal = P =?

Amount(A) = Principal(P) + Interest(I)

1755 = P + I

I = 1755 - P --------------------------------------(1)

Reacall the Simple Interest formula

[tex]I=\frac{P\times R\times T}{100}[/tex]

Substitute I from equation (1) into the above.

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