SOLUTION: principal ___________ _ interest rate 11% time 5 years simple interest $467,867.40 please help me solve this thank you so much

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Question 23709: principal _____________
interest rate 11%
time 5 years simple interest $467,867.40
please help me solve this
thank you so much
Found 2 solutions by longjonsilver, rapaljer:
Answer by longjonsilver(2297) (Show Source):
You can put this solution on YOUR website!
Let principal = p

After every year, the customer gets 11% of this amount.

So, after 1 year the interest is 0.11P
and after 2 years the interest is 0.11P + 0.11P or this can be written as 2(0.11P)

so, after 5 years, the interest is 5(0.11P)

so we have 0.55P = 467867.40
--> P = 467867.40/0.55
--> P = $850,668

jon.

Answer by rapaljer(4671) (Show Source):
You can put this solution on YOUR website!
I = PRT
R=11% = .11
T= 5
I= $467,867.40
Find P:
I = PRT
467867.40 = P*.11*5
467867.40 = P*.55

Divide both sides by .55

$850,668 =P

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