A deposit mature to 24200 after 3yeras at simple interest of7 percent per annum what is the principal amount of deposit
P = Po + Po*r*t.
P = $24,200, r = 0.07, t = 3 yrs.
Po = ?.
Answer is 20,000
To find the principal amount of the deposit, we can use the simple interest formula:
Simple Interest = Principal x Rate x Time
Given:
Simple Interest = $24,200
Rate = 7% per annum
Time = 3 years
Let's calculate the principal amount:
$24,200 = Principal x 0.07 x 3
Rearranging the equation to solve for the Principal:
Principal = $24,200 / (0.07 x 3)
Principal = $24,200 / 0.21
Principal = $115,238.10
Therefore, the principal amount of the deposit is $115,238.10.
To find the principal amount of the deposit, we can use the formula for simple interest:
Simple Interest = (Principal Amount) * (Rate of Interest) * (Time)
Let's plug in the given values:
24200 = (Principal Amount) * 0.07 * 3
Next, we rearrange the equation to solve for the principal amount:
Principal Amount = 24200 / (0.07 * 3)
Principal Amount = 24200 / 0.21
Principal Amount ≈ 115238.10
Therefore, the principal amount of the deposit is approximately 115,238.10.