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7 May, 06:53

The amount of simple interest earned I, on an investment over a fixed amount of time?, is jointly proportional to the principle invested P, and the interest rate?. A principle investment of $1500.00 with an interest rate of 5% earned $375.00 in simple interest. Find the amount of simple interest earned if the principle is $2300.00 and the interest rate is 8%?

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  1. 7 May, 07:51
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    Answer:$920

    Step-by-step explanation:

    Since the variation is joint, I=KPr where k is the constant of proportionality.

    Plugging in the values of I=$375, P=$1500 and r=5% in the equation I=KPr, the value of k can be calculated. Hence, the formula connecting the three quantities (I, P and r) can be generated.

    375 = K (1500*5)

    Making k the subject of change,

    K = 375 / (1500*5)

    K=1/20

    Formula connecting the three quantities : I = Pr/20

    when P=$2300, r=8%,

    I = (2300*8) / 20

    I = $920
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