Loretta invested $1000 in a simple interest account yielding 5% paid annually. In 2 years, she will have $1100 in her account. From this example, we can conclude that $1000 represents the:.

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10-11-2022
Business

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Loretta invested $1000 in a simple interest account yielding 5% paid annually. In 2 years, she will have $1100 in her account. From this example, we can conclude that $1000 represents the:.

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Qwline Qwline · Answer 1 · 2022-11-14T21:11:24+01:00

$1000 represents the principal amount invested by Loretta in her account

Simple interest is a quick and simple way to figure out how much money has accrued interest. Interest is always applied to the original principal amount and is calculated at the same rate for each period of time. Any bank where we deposit money will pay us interest on that amount. Simple interest is one of many types of interest that banks charge.

The formula for Simple interest is given by:

Simple interest = P*R*T/100

where P = principal amount invested

R = rate of interest

and T = time in years

Simple interest earned = 1100-1000 = 100

Substituting the values in the given formula:

100 = P*5*2/100

100 = 10P/100

P = 100*100/10

P = $1000

So, in the given question P represents the principal amount

Learn more about simple interest:

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