Answered

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How much principal must be deposited in a 2-year simple interest
account that pays 1.75% Interest to earn $300 in interest?

Sagot :

The principal that must be deposited is $8,571.43.

Simple interest is interest that is earned only on the principal deposited. The formula that can be used to determine the principal is:

Interest / (interest rate x time) = principal

Principal = $300 / (0.0175 x 2)

Principal = $300 / 0.035

Principal = $8,571.43

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