SOLUTION: In 25 years, a bond that paid 4.75% simple interest earned $4,750 interest. What was the principal of the bond in dollars?

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Question 1135129: In 25 years, a bond that paid 4.75% simple interest earned $4,750 interest. What was the principal of the bond in dollars?
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
+I+=+P%2Ar%2At+
+4750+=+P%2A%28+4750%2F100000+%29%2A25+
+P+=+4000+
The principal was $4,000
check:
+4750+=+4000%2A25%2A.0475+
+4750+=+100000%2A%28+475%2F10000+%29+
+4750+=+10%2A475+
OK