SOLUTION: Suppose that an account earns 5.7% interest and after 2 years the balance is $2228. Find the principal that was invested. Use the formula B=P+Prt, which is used to calculate the ba
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Question 1203329: Suppose that an account earns 5.7% interest and after 2 years the balance is $2228. Find the principal that was invested. Use the formula B=P+Prt, which is used to calculate the balance in an account if simple interest is added to a principal P at an interest rate of r after t years. Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! Suppose that an account earns 5.7% interest and after 2 years the balance is $2228. Find the principal that was invested. Use the formula B=P+Prt, which is used to calculate the balance in an account if simple interest is added to a principal P at an interest rate of r after t years.
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Substituting the given int, time & balance
P + P*.057*2 = 2228
P + .114P = 2228
1.114p = 2228
P = 2228/1.114
P = $2000 is the principal
