Over a period of 180 days, Shawna Johnson earned $450 interest in a retirement account paying interest at a rate of 2%
Over a period of 180 days, Shawna Johnson earned $450 interest in a retirement account paying interest at a rate of 2%. Find (a) the principal at the beginning of the 180 days and (b) the amount in the account at the end of 180 days.
(a) The principal was $_______
Homework Answers
Solution A)
Given: Simple Interest = $450, rate = 2% and time = 180 days = (180/365) years
A)S. I. = ( P * r * t)/100
P = $45625
B) Amount = Principal + S.I.
Amount = $46075
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