The ending balance on an investment is $1,620.24. If the principal was invested at 8% for nine years, what was the principal?
interest = principal x rate x time
i = prt but you are looking at the entire investment Ending Amount = principal + interest A = p + prt 1,620.24 = p + p(0.08)(9) {substituted 0.08 for r and 9 for t} 1620.24 = p + 0.72p {multiplied 0.08 by 9} 1620.24 = 1.72p {combined like terms} p = 942 {divided each side by 1.72} the principal was $942 Ask the House
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January 2021
