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Chapter 2: Q. 156 (page 131)

In 25 years, a bond that paid 4.75% simple interest earned $2,375 interest. What was the principal of the bond?

Short Answer

Expert verified

Principal amount is $2000.

Step by step solution

01

Given information.

Time,t=25yearsRate,r=4.75%=0.0475Interest,I=$2375Pricipal,P=?

02

Calculate the principal amount.

Use the following formula and solve for unknown value.

I=Prt2375=P脳0.0475脳252375=1.1875PP=2000

So, required principal amount is $2000.

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