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Sagot :
Answer:
First, converting R percent to r a decimal
- r = R/100 = 2.7%/100 = 0.027 per year.
Solving our equation:
- P = 6774.5 / ( 1 + (0.027 × 22)) = 4250
- P = $4,250.00
- The principal investment required to get a total amount, principal plus interest, of $6,774.50 from simple interest at a rate of 2.7% per year for 22 years is $4,250.00
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The initial deposit amount is $4,250.00.
Given that,
- The worth of an investment is $6774.50
- The time period is 22 years.
- The rate of interest is 2.7%.
Based on the above information, the calculation is as follows:
We know that
[tex]SI =P\times R\times T\\\\SI = P\times 2.7\% \times 22\\\\SI = 0.594P[/tex]
Now
Investment worth = P + SI
= P + 0.594P
= 1.594P
So,
1.594P = 6774.50
P = $4,250
Therefore we can conclude that the initial deposit amount is $4,250.00.
Learn more: brainly.com/question/13324776
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