Answer: P = $ 1,998.01
Explanation:
First, converting R percent to r a decimal
r = R/100 = 24%/100 = 0.24 per year,
putting time into years for simplicity,
1 months ÷ 12 months/year = 0.083333 years,
then, solving our equation
P = 39.96 / ( 0.24 × 0.083333 ) = 1998.007992032
P = $ 1,998.01
The principal required to
accumulate interest of $ 39.96
on a rate of 24% per year for 0.083333 years (1 months) is $ 1,998.01.