SOLUTION: Karl invested his savings in a short-term fund that was offering a simple interest rate of 4% p.a. The maturity value of the investment at the end of 330 days was $27,514.91 Calcu

Question 1133124: Karl invested his savings in a short-term fund that was offering a simple interest rate of 4% p.a. The maturity value of the investment at the end of 330 days was $27,514.91
Calculate the principal amount invested
calculate the interest earned

Answer by Alex.33(110) (Show Source): You can put this solution on YOUR website!
$27,514.91=p+e
e=p*(4%*330/365)
solve for p and e. p=$26554.58; e=$960.33.
the principal amount invested is approximately $26554.58.
the interest earned is approximately $959.25.
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