SOLUTION: Hi I'm finding it hard to convert decimals. After 4 years of investments, you earned $252.00 in simple interest. The annual rate of interest was 5.25%, how much was your i

Question 1028292: Hi I'm finding it hard to convert decimals.
After 4 years of investments, you earned $252.00 in simple interest. The annual rate of interest was 5.25%, how much was your initial investment principal?
I'm trying to use the formula I=PRT
252.00=P(5.25)(4)
252.00=P(21)
252/21=12
Is the initial principle $1200?
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
You made the mistake of representing the interest
as a % in the formula. You must express it as a decimal
5.25 % =

The principle was $1,200
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