SOLUTION: the difference between the simple interest and compound interest for 3 year at 5% is $61, find the principal.

SOLUTION: the difference between the simple interest and compound interest for 3 year at 5% is $61, find the principal.

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Question 227845: the difference between the simple interest and compound interest for 3 year at 5% is $61, find the principal.
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
I need both formulas
(1)
and
(2)
given:
dollars

---------------
Subtract (1) from (2)
(2)
(1)

The principle is $8000
check:
(1)

and
(2)
(2)

OK
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