SOLUTION: Mike has a bond. The bond pays an annual simple interest rate of 6%. After 13 years, the interest earned on the bond was $4,680. How much money did Mike originally pay for his bond

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Mike has a bond. The bond pays an annual simple interest rate of 6%. After 13 years, the interest earned on the bond was $4,680. How much money did Mike originally pay for his bond      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


   



Question 1151996: Mike has a bond. The bond pays an annual simple interest rate of 6%. After 13 years, the interest earned on the bond was $4,680. How much money did Mike originally pay for his bond?
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
+I+=+P%2Ar%2At+
+4680+=+P%2A.06%2A13+
+4680+=+.78P+
+P+=+6000+
He originally paid $6,000