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Q: If interest paid on an investment is $25.21 for 50 days at an interest rate of 8.25%, what was the original amount invested if the exact interest method is used? (Round to the nearest cent).
A: I = P*r*t solving for P. Principal amount = I/r*t = 25.21/(.0825*50/365) = 25.21/0.011458= $ 2200.21
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If interest paid on an investment is $25.21 for 50 days at an interest rate of 8.25%, what was the original amount invested if the exact interest method is used? (Round to the nearest cent).
Original conversation
User:
If interest paid on an investment is $25.21 for 50 days at an interest rate of 8.25%, what was the original amount invested if the exact interest method is used? (Round to the nearest cent).
Weegy:
The original amount is $305.58
Expert answered
patmarone
Points 2893
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Question
Asked 12/19/2011 2:17:30 PM
Updated 12/23/2011 11:52:35 PM
4 Answers/Comments
This conversation has been flagged as incorrect.
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Rating
4
jameshand
I = P*r*t solving for P. Principal amount = I/r*t = 25.21/(.0825*50/365) = 25.21/0.011458= $ 2200.21
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Added 12/19/2011 2:37:15 PM
This answer has been added to the Weegy Knowledgebase
Comments
jameshand
patmarone, I don't know how you come up with the answer $305.58 but it seems unrealistic for it to earn $ 25.21 in 50 days. PLease provide your solution.
Added 12/19/2011 2:39:24 PM
jameshand
Patmarone, I'm flagging you for not providing the solution to your answer.
Added 12/20/2011 8:02:21 AM
patmarone
The user did not indicate whether the interest rate was per annum or for the 50 days so I just computed 25.21/0.0825 to get my answer. I'm not complaining your flagging of my answer. I'll just ask the user for confirmation next time. Thanks!
Added 12/23/2011 11:52:35 PM
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