Question

In 6 years, a bond with a 5.5% annual interest rate earned $660 as interest. What was the principal amount of the bond?

Answer 1

Given

In 6 years, a bond with a 5.5% annual interest rate earned $660 as interest.

Answer

`\begin{gathered} I=(p* r* t)/(100) \\ 660=(p*5.5*6)/(100) \\ 66000=p*33 \\ p=(66000)/(33) \\ p=2000 \end{gathered}`