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

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    0  Views: 4929 Answers: 2 Posted: 11 years ago
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      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

       

      11 years ago. Rating: 1
      Comment this answer

        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.
        commented 11 years ago

         

        11 years ago. Rating: 1
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