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2 September, 13:55

P = ?, r=4%, t=3 months, I=$20

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  1. 2 September, 15:29
    0
    P = $ 2,000.00

    Equation:

    P = I / rt

    Calculation:

    First, converting R percent to r a decimal

    r = R/100 = 4%/100 = 0.04 per year,

    putting time into years for simplicity,

    3 months : 12 months/year = 0.25 years,

    then, solving our equation

    P = 20 / (0.04 * 0.25) = 2000

    P = $ 2,000.00

    The principal required to

    accumulate interest of $ 20.00

    on a rate of 4% per year for 0.25 years (3 months) is $ 2,000.00.
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