(adsbygoogle = window.adsbygoogle || []).push({}); 1. The problem statement, all variables and given/known data

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

2. Relevant equations

p=I/rt

I=prt

3. The attempt at a solution

p=s(1+rt)

p=29,152.08(1+0.05*300/365)

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# Homework Help: Simple Interest % help

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