quinterosmejiami9639
Answered

Algebraically manipulating the formula I = Prt, find the principal (PV) deposited in a savings account which earned $11,000 in interest at a simple interest rate of
9.5% for 15 years to the nearest whole cent).

$7,312.07
$8,083.92
$7.719.30
$6,987.44
None of these choices are correct.

Answer :

JeanaShupp

Answer: the required principal value is $7,719.30

Step-by-step explanation:

Given: Formula to calculate interest : I= Prt, P=principal value, r = rate of interest, t = time.

I = $11,000

r= 9.5% = 0.095

t= 15 years

Substitute in formula, we get

[tex]11000=(P)\times (0.095)\times(15)\\\\\Righatrrow\ P=\dfrac{11000}{0.095\times15}\approx\$7719.30[/tex]

Hence, the required principal value is $7,719.30

Other Questions