A savings bond currently made Jamar $2,112.64 worth of interest in 7 years. If the investment gained 5.5% annual simple interest each year, approximately how much was the bond originally bought for?

$5487.38

Step-by-step explanation:

Given that:

Interest currently made = $2112.64

Time = 7 years

Rate of interest = 5.5% annual

To find:

The price for which the bond was originally bought ?

Solution:

We need to find nothing but the principal amount.

First of all, let us have a look at the formula for Simple Interest.

Where is the principal amount

is the Rate of Interest

is the time for which the investment is made

Let us put the given values in the formula:

step-by-step explanation:

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the terms of a geometric sequence can be found by beginning with the first term and multiplying by the common ratio repeatedly. a recursive formula for a geometric sequence with common ratio r is given by an=ran−1 a n = r a n − 1 for n≥2 n ≥ 2 .

step-by-step explanation: