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Popular Word Problems >

The ending balance on an investment is 1,620.24. If the principal was invested at 8% for nine years, what was the principal?

Solution

T h e e n d in g ba l an ce o n an in v es t m e n t i s 1, 620.24. I f t h e p r in c i p a l w a s in v es t e d a t 8% f or nin e ye a rs, w ha t w a s t h e p r in c i p a l ?

Solution

Principal : 942

Solution steps

Translate the problem into an equation:

1620.24 = P (1 + 0.08 \cdot 9)

Solve for

P, 1620.24 = P (1 + 0.08 \cdot 9) : P = 942

Principal : 942

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