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lil.l3b91
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Homework Statement
Karl invested his savings in a short-term fund that was offering a simple interest rate of 5% p.a. The maturity value of the investment at the end of 300 days was $29,152.08.
a. Calculate the principal amount invested.
Round to the nearest cent
b. Calculate the interest earned during the period.
Round to the nearest cent
Homework Equations
p=I/rt
I=prt
The Attempt at a Solution
p=s(1+rt)
p=29,152.08(1+0.05*300/365)
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