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23 February, 00:59

Katie earned $1200 in 8 years on an investment at a 6% annual simple interest rate. How much was Katie's investment?

$945

$2500

$4500

$9000

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Answers (1)
  1. 23 February, 01:21
    0
    Given

    Time = 8 yer a

    Rate = 6% = 0.06

    Interest earned = $1200

    Simple Interest

    Let P = the principal (the investment)

    Then

    P*8*0.06 = 1200

    0.48P = 1200

    P = 1200/0.48 = $2500

    Answer: $2500
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