Find out the capital required to earn a monthly interest of $510 at 7% simple interest.
Simple interest(S.I) = P x R x T
Where P= Principal Amount, R = Rate of interest, T= time
so, P= S.I / P x R , Taking T=1,
= 100 x 510 / 7
= 7285.7
$ 7285.7 is the capital required to get SI of $510. The annual amount will be 7285.7 x 12(months) = $87428.4
Find out the capital required to earn a monthly interest of $510 at 7% simple interest.
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