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The simple interest formula is I=Prt, where I represents interest, P represents principal, r represents rate, and t represents time in years. Determine the principal given the interest of $10, with an interest rate of 8% for 2 years.

Respuesta :

Dancer5363

[tex]p = \frac{i}{rt} [/tex]
[tex]p = \frac{10}{(.08)(2)} [/tex]
[tex] \frac{10}{.16} [/tex]
[tex] \frac{10}{.16} = 62.50[/tex]

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