How much principal must be deposited to earn $2,179 in simple interest at a rate of 3 2/3% for 60 months

The principal to be deposited is $ 11874.6594

Solution:

Given is a simple interest problem

Principal = ?

Simple Interest = $ 2179

Number of years = 60 months =

The simple interest is given by formula:

Where, "p" is the principal and "r" is the rate of interest and "n" is the number of years

Thus the principal to be deposited is $ 11874.6594

where is the rest of the

step-by-step explanation:

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