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Popular Word Problems >

Lennie Cavan earned 576 in interest when she invested in a fund paying 9.5% simple interest for 4 years. How much did Lennie invest originally using the simple interest formula?

Solution

L e nni e C a v an e a r n e d 576 in in t eres t w h e n s h e in v es t e d in a f u n d p a y in g 9.5% s im pl e in t eres t f or 4 ye a rs . Ho w m u c h d i d L e nni e in v es t or i g ina ll y u s in g t h e s im pl e in t eres t f or m u l a ?

Solution

Principal : 1515.79

Solution steps

Translate the problem into an equation:

576 = P \cdot 0.095 \cdot 4

Solve for

P, 576 = P \cdot 0.095 \cdot 4 : P = 1515.79

Principal : 1515.79

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