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Simple Interest, SMB-017 MC

A sum of money is invested in an account paying simple interest at a rate of 8% per annum.

The total interest earned on this investment over 6 years is $27 000.

The sum of money invested is

  1. `$12\ 960`
  2. `$45\ 000`
  3. `$56\ 250`
  4. `$202\ 500`
Show Answers Only

`C`

Show Worked Solution

`I = 27 \ 000, \ \ r = 8/100, \ \ n = 6`

`I` `= Prn`
`27 \ 000` `= (P xx 8 xx 6)/100`
`P`  `= (2\ 700\ 000)/48`
  `= $56\ 250`

 
`=>  C`

Filed Under: Simple Interest Tagged With: num-title-ct-corea, smc-4332-30-Find principal

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