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Question

Two years after opening an account that paid simple interest of 6.55% annually, a depositor withdrew the $2,358 in interest earned. How much money was left in the account? 

Answer 1

Interest = Principle*Rate*Time

 

$2358 = Principle*(0.0655)*(2 years)

 

$2358 = Principle*(0.131)

 

Solve for Principle