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An investment earns 6% simple interest. What amount of principal is needed to have $3000 after 5 years? Round your answer to the nearest cent.

An investment earns 6% simple interest. What amount of principal is needed to have $3000 after 5 years? Round your answer to the nearest cent.
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5 votes
An investment earns 6% simple interest. What amount of principal is needed to have $3000 after 5 years? Round your answer to the nearest cent.

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User Smila
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8.4k points

1 Answer

5 votes
I = p*r*t
$3000=p*.06*5=?
Multiply and you would have yor answer(rounded to nearsest cent)!
answered
User Hannah Stark
by
8.5k points
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