/*! This file is auto-generated */ .wp-block-button__link{color:#fff;background-color:#32373c;border-radius:9999px;box-shadow:none;text-decoration:none;padding:calc(.667em + 2px) calc(1.333em + 2px);font-size:1.125em}.wp-block-file__button{background:#32373c;color:#fff;text-decoration:none} Q. 129 In the following exercises, solv... [FREE SOLUTION] | 91影视

91影视

Log out

Learning Materials

Features

Discover

Chapter 3: Q. 129 (page 334)

In the following exercises, solve.

In 10years, a bank account that paid 5.25%earned $18,375
interest. What was the principal of the account?

Short Answer

Expert verified

The principal of the account is $35,000

Step by step solution

01

Step 1. Given Information

Interest, I=$18,375

Rate, r=5.25%

Time, t=10

02

Step 2. Simple interest formula

Simple interest,I=Prt

Substitute the known values,

18,375=P(0.0525)1018,375=0.525P

03

Step 3. Find P

Solve the equation for P,

P=183750.525=35,000

Unlock Step-by-Step Solutions & Ace Your Exams!

  • Full Textbook Solutions

    Get detailed explanations and key concepts

  • Unlimited Al creation

    Al flashcards, explanations, exams and more...

  • Ads-free access

    To over 500 millions flashcards

  • Money-back guarantee

    We refund you if you fail your exam.

Over 30 million students worldwide already upgrade their learning with 91影视!

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Most popular questions from this chapter

What is the base of a triangle with area 207 square inches and height 18 inches?

The sum of two consecutive integers is 89. Find the integers.

Marco has$8,000to save for his daughter鈥檚 college education. He wants to divide it between one account that pays 3.2%interest per year and another account that pays 8% interest per year. How much should he invest in each account if he wants the interest on the total investment to be 6.5%?

The width of a rectangle is six less than twice the length. The perimeter is 18. Find the length and width.

Ngo has a collection of dimes and quarters with a total value of $3.50. The number of dimes is seven more than the number of quarters. How many of each coin does he have?
See all solutions

Recommended explanations on Math Textbooks

Geometry

Read Explanation

Discrete Mathematics

Read Explanation

Pure Maths

Read Explanation

Theoretical and Mathematical Physics

Read Explanation

Calculus

Read Explanation

Statistics

Read Explanation
View all explanations

What do you think about this solution?

We value your feedback to improve our textbook solutions.

Study anywhere. Anytime. Across all devices.