SOLUTION: Determine the amount P that is invested at a simple interest rate of 6 1/2% for 5 years which earns $7150 total interest

SOLUTION: Determine the amount P that is invested at a simple interest rate of 6 1/2% for 5 years which earns $7150 total interest

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Question 803393: Determine the amount P that is invested at a simple interest rate of 6 1/2% for 5 years which earns $7150 total interest
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
P=?
rate = 6.5%
t= 5
I=7150
I=P*r*t
7150=P*0.065*5
P=7150/(0.065*5)
P= 22000
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