Find the principal. Round to the nearest cent.
-Rate: 6% Time: 210 days
Interest: $48.03
A)$4,803.00
B)$1,372.29
C)$1,422.29
D)$137.23

Question

Quizplus · Accepted Answer

The formula to calculate the principal (P) when the interest (I), rate (R), and time (T) are given is P = I / (R * T), where R is in decimal form and T is in years. Given I = $48.03, R = 6% or 0.06, and T = 210 days or 210/365 years, P = $48.03 / (0.06 * (210/365)) = $1,372.29.

Find the Principal. Round to the Nearest Cent