Search
Ask a question
0 0

Financing Word Problem - HELP

Gordon has a Canada Savings Bond that pays $150 in simple interest each year. The annual interest rate is 4.75%. What principal did Gordon invest in the bond?
Tutors, please sign in to answer this question.

2 Answers

x = 150/0.0475 = $ 3157.89
this is a matter of annual interest at 4.75r for interest payment of 150 or .0475x equals 150. solve for x..hope that helps.