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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?

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Salih O. | Math doctor expert Math doctor expert
4.7 4.7 (3 lesson ratings) (3)
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x = 150/0.0475 = $ 3157.89
Deanna L. | Electrical engineering major and music lover with MIT degreeElectrical engineering major and music l...
4.9 4.9 (128 lesson ratings) (128)
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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.