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Eric invested in a savings bond for 4 years and was paid simple interest at an annual rate of 5%. The total interest that he earned was $1800. How much did he invest? If necessa…

Eric invested in a savings bond for 4 years and was paid simple interest at an annual rate of 5%. The total interest that he earned was $1800. How much did he invest? If necessa…
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Eric invested in a savings bond for 4 years and was paid simple interest at an annual rate of 5%. The total interest that he earned was $1800. How much did he invest? If necessary, refer to the list of financial formulas.

asked
User Abhay Agarwal
by
7.4k points

1 Answer

11 votes

Answer:

9000

Explanation:

SI=PRT/100

P=SI 100/RT

=[ 1800×100]÷ 20

= 180000÷20

= 9000

answered
User Zygimantas Gatelis
by
8.7k points
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