SOLUTION: what principle must be invested at 12% if the simple interest earned after 2 years is $960?

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Question 276542: what principle must be invested at 12% if the simple interest earned after 2 years is $960?
Answer by nyc_function(2741) About Me  (Show Source):
You can put this solution on YOUR website!
Use the formula: I = PRT
We are looking for P.
960 = P(0.12)(2)
960 = P(0.24)
960/0.24) = P
4000 = P
The principal is $4000.
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P is the principal (the initial amount you borrow or deposit)
r is the annual rate of interest (percentage or %)
I = interest
t = time in years
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