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    Given interest of $11,900 at 6 percent for 50 days (ordinary interest), one can calculate the principal as

    a. $1,418,000.70
    b. $4,128,000.70
    c. $1,428,010.70
    d. $1,420.70
    e. None of thes

    0  Views: 4959 Answers: 2 Posted: 12 years ago

    2 Answers

    $1,428,000 is the answer I came up with. 
    I divided the $11,900 by 50 to determine how much was earned per day.  $238.
    I multiplied that by 360 to determine how much interest would be earned in one year.  $85,680
    I then divided that answer by .06 (6%) to find the principal amount invested. $1,428,000.

    Reversing the process:  $1,428,000 X 6%  DIVIDED BY 360  X 50


     

    Bob/PKB

    I'm real sure this is the answer I came up with. Whether it is correct for the question or not, I'm not positive.

     



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