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Solve for the missing item in the following. (Do not round intermediate calculations. Round your answer to the nearest cent.)

Principle: ?
Interest Rate: 7%
Time: 1 1/2 years
Simple Interest: $200

Respuesta :

sqdancefan

9514 1404 393

Answer:

  $1904.76

Step-by-step explanation:

The interest formula is ...

  I = Prt . . . . interest on principal P at rate r for t years

Solving for P, we find ...

  P = I/(rt) = 200/(0.07·1.5) = 200/0.105 ≈ 1904.76

The principal amount was $1904.76.

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