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Given interest of $10,510 at 12 percent for 30 days one can calculate the principal as:

Sagot :

abidemiokin

Answer:

$1,065,597.22

Step-by-step explanation:

Simple interest = Principal * Rate * Time/100

10,510 = P * 12 * 30/365*100

10,510*365*100 = 360P

383,615,000 = 360P

Note that the time was converted to years by dividing by 365

P = 383,615,000/360

P = $1,065,597.22

Hence the principal is $1,065,597.22

The principal amount is $1065597.222 and this can be determined by using the formula of simple interest and the given data.

Given :

  • Final amount = $10510
  • Interest rate = 12%
  • Time period = 30 days

The following steps can be used in order to determine the principal amount:

Step 1 - The simple interest formula can be used in order to determine the principal amount.

Step 2 - The formula of simple interest is given below:

[tex]\rm I = P\times R \times T[/tex]

where P is the principal amount, I is the simple interest, R is the interest rate and T is the time period.

Step 3 - Now, substitute the values of the known terms in the above formula.

[tex]\rm 10510 = P\times 0.12 \times \dfrac{30}{365}[/tex]

Step 4 - Simplify the above expression.

P = $1065597.222

For more information, refer to the link given below:

https://brainly.com/question/2793278

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