Math

If you pay 3.5 % interest over 4 years and the interest earned is $498.40 what is the principal

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  1. Simple Interest over n years at r% p.a. on a principal P is
    Interest = P(1+nr)
    So
    Principal, P
    =Interest/(1+nr)
    =$498.40/(1+0.035*4)
    =$498.4/(1.14)
    =???

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