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: 4923 Answers: 2 Posted: 11 years ago

\$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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