Evander Holyfield (known as the man who had part of his ear bit off by Mike Tyson) made $280 million during his boxing career but declared bankruptcy due to poor financial choices. His July interest at 16% was $186. What was Evander’s principal at the beginning of July?
To find Evander Holyfield's principal at the beginning of July, we can use the formula for calculating simple interest:
Interest = Principal × Rate × Time
Let's rearrange the formula to solve for the principal:
Principal = Interest / (Rate × Time)
Given that the interest is $186 and the rate is 16%, which can be written as 0.16 in decimal form, we need to determine the time. However, the question does not provide us with a specific time period. Therefore, we'll need to make an assumption or find additional information to proceed.
Please provide the time period in order to calculate the principal at the beginning of July.
To find out the principal at the beginning of July, we can use the formula for simple interest:
Interest = Principal * Rate * Time
Given:
- Interest = $186
- Rate = 16% or 0.16 (in decimal form)
- Time = 1 month (since July is one month)
Let's substitute the values into the formula:
$186 = Principal * 0.16 * 1
Simplifying the equation:
$186 = Principal * 0.16
To isolate the Principal, we divide both sides of the equation by 0.16:
Principal = $186 / 0.16
Calculating the Principal:
Principal = $1162.50
Therefore, Evander Holyfield's principal at the beginning of July was $1162.50.
.16x = 186
solve for x