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
Algebra ->
Equations
-> 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
Log On
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
