When invested at an annual rate of 5%, an amount earned Php 15,000.00 of simple interest in 2 years. How much money was initially invested?

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asked Apr 7, 2018 224k views

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Ciaranc · Answer 1 · 2018-04-12T20:24:48+0000

Given:
r = 8% = 0.05, simple interest rate
t = 2 years, duration
A = 15,000.00, value after 2 years

Let P = principal, the amount invested.
Then
P(1+ 2*0.05) = 15000
P = 15000/1.1 = 13636.36

Answer: Php 13,636.36

When invested at an annual rate of 5%, an amount earned Php 15,000.00 of simple interest in 2 years. How much money was initially invested?

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