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23 October, 14:31

How much must harry's hardware deposit at a 14.5% annual interest for 240 days in order to earn $500 in simple interest?

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  1. 23 October, 14:38
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    To get the formula for the principal, we will use the formula for the interest and derived it from there:

    I = Prt is the equation then it will be P = I / rt since we are looking for the principal.

    P = I / rt

    = $500 / (0.145 x 240/360)

    = $500 / 0.0967

    = $5170.63

    To check:

    I = Prt

    = $5170.3 x 0.145 x 240/360

    = $499.8 or $500
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