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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
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

Question
Updated 12/23/2011 11:52:35 PM
This conversation has been flagged as incorrect.
Rating
4
I = P*r*t solving for P. Principal amount = I/r*t = 25.21/(.0825*50/365) = 25.21/0.011458= \$ 2200.21
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.
Patmarone, I'm flagging you for not providing the solution to your answer.
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!
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