Question

A certain sum of money at simple interest amount to $1300 in 4 years and to $1525 in 7 years. Find the sum and the rate percent​

Answer 1

P((1 + r)^4) = 1,300

P((1 + r)^7) = 1,525

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(1 + r)^3 = 61/52, so r = .0547 = 5.47%

P(1.0547^4) = 1,300, so P = $1,050.78