Find the principal which produces simple interest of #514.50 in 3 years 6 months at 6% per annum.

I = PRT

514.5 = P * 0.06 * 3.5

To find the principal, we can use the formula for simple interest:

Simple Interest = Principal × Rate × Time

Given:
Simple Interest = #514.50
Time = 3 years 6 months = 3.5 years
Rate = 6%

Let's plug the values into the formula and solve for the Principal:

514.50 = Principal × 0.06 × 3.5

Divide both sides of the equation by (0.06 × 3.5):

514.50 / (0.06 × 3.5) = Principal

This gives us:

Principal = #2450

Therefore, the principal that produces a simple interest of #514.50 in 3 years 6 months at a rate of 6% per annum is #2450.

To find the principal that produces a simple interest of #514.50 in 3 years and 6 months at an annual interest rate of 6%, we can use the formula for simple interest:

Simple Interest = (Principal × Rate × Time)

First, we need to convert the time of 3 years and 6 months into a single value in years. There are 12 months in a year, so 6 months is equivalent to 6/12 = 0.5 years.

Now, we can plug in the values into the formula and solve for the principal:

514.50 = (Principal × 0.06 × (3 + 0.5))

Simplifying the equation:

514.50 = (Principal × 0.06 × 3.5)

514.50 = (Principal × 0.21)

Next, we can solve for the principal by rearranging the equation:

Principal = 514.50 / 0.21

Principal ≈ #2,450

Therefore, the principal that produces a simple interest of #514.50 in 3 years and 6 months at a 6% annual interest rate is approximately #2,450.