Evander holyfield (known as the man who had part of his ear bit off by mike tyson) made $250 million during his boxing career but declared bankruptcy due to poor financial choices. his july interest at 15% was $155. what was evander's principal at the beginning of july? (use 360 days a year. do not round intermediate calculations.)

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Paxton Chapman

18 June, 02:23

Evander holyfield (known as the man who had part of his ear bit off by mike tyson) made $250 million during his boxing career but declared bankruptcy due to poor financial choices. his july interest at 15% was $155. what was evander's principal at the beginning of july? (use 360 days a year. do not round intermediate calculations.)

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Micah Ellis · Answer 1

The principle will be calculate using simple interest given by:

S. I. = (PRT) / 100

P=principle

R=rate

T=time

From the information given we have:

r=15%

t=7 months=7/12 years

S. I=155000

155000=P*7/12*15/100

155000=0.0875P

hence:

P=155000/0.0875

P=$1,771,428.571