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Popular Word Problems >

A company earned 22 000 interest on the money that was invested in a bank account 10 years ago.If the bank account has a simple interest rate of 8.8% pa, how much did the company invest?The company invested .

Solution

A co m p an y e a r n e d 22000 in t eres t o n t h e m o n ey t ha t w a s in v es t e d in a bank a cco u n t 10 ye a rs a g o . I f t h e bank a cco u n t ha s a s im pl e in t eres t r a t e o f 8.8% p a, h o w m u c h d i d t h e co m p an y in v es t ? T h e co m p an y in v es t e d .

Solution

Principal : 25000

Solution steps

Translate the problem into an equation:

22000 = P \cdot 0.088 \cdot 10

Solve for

P, 22000 = P \cdot 0.088 \cdot 10 : P = 25000

Principal : 25000

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