Question
Given interest of $11,900 at 6 percent for 50 days (ordinary interest), one can calculate the principal as: (Points : 1)
$1,428,005.70
$4,128,005.70
$1,428,05.70
$1,420.70
None of these
$1,428,005.70
$4,128,005.70
$1,428,05.70
$1,420.70
None of these
Answers
Henry
r = (6%/360)/100% =0.000166666 = Daily %
rate expressed as a decimal.
I = Po*r*t = 11,900
Po*0.000166666*50 = 11,900
0.0083333Po = 11900
Po = $1,428,000.57 = Initial investment.
rate expressed as a decimal.
I = Po*r*t = 11,900
Po*0.000166666*50 = 11,900
0.0083333Po = 11900
Po = $1,428,000.57 = Initial investment.