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Janet invests a sum of EUR in an account that offers 3.5% simple interest. After ten years her investment is worth 7425 EUR. How much did she invest?

Respuesta :

adioabiola

We need to find the amount of money Janet invested in 10 years to yield 7425 EUR

She invested EUR 21,214.29

Simple interest = P × R × T

Where,

P = principal = ?

R = interest rate = 3.5% = 0.035

T = Time = 10 years

Simple interest = 7425 EUR

Simple interest = P × R × T

7425 = p × 0.035 × 10

7425 = p × 0.35

7425 = 0.35p

Divide both sides by 0.35

P = 7425 / 0.35

= 21,214.285714285

Approximately,

P = EUR 21,214.29

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