SOLUTION: the simple interest on sum of money invested for 6 months at 6% per annum is $1680.00.determine the amounth of money invested.

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Question 952908: the simple interest on sum of money invested for 6 months at 6% per annum is $1680.00.determine the amounth of money invested.




Answer by amarjeeth123(570) About Me  (Show Source):
You can put this solution on YOUR website!
Simple interest=Ptr/100 where P is the Principal,t is the time in years and r is the rate of interest
time=6 months=0.5 years
Rate of interest=6
Interest=$1680
1680=P*0.5*6/100
1680=3P/100
P=$56000
Amount of money invested=$56000