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Sagot :
Answer:
Initial investment= $777.78
Step-by-step explanation:
Giving the following information:
Last year Hank cashed out his investment account that earned 4.5% simple interest after 10 years of investing. He ended up with $350 in interest on the account.
To calculate the principal (initial investment), we need to use the following formula:
I= P*r*t
I= $350
r= 0.045
t= 10
P= ?
350= P*0.045*10
350/0.45 = P
$777.78= P
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