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15 October, 10:03

You received some inheritance from your great-grandparents. You invested the money for 4 years at 6% rate. If your received $2,160 in interest, how much was inheritance

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  1. 15 October, 10:47
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    Answer: $9000

    Step-by-step explanation:

    Principal = Unknown

    Rate = 6%

    Time = 4 years

    Simple Interest = $ 2160

    Simple Interest = (P*R*T) : 100

    2160 = P*6*4/100

    2160 = 24P/100

    Cross multiply

    2160 * 100 = 24P

    216000 = 24P

    Divide both side by 24

    216000/24 = 24P/24

    P = $9000

    The inheritance was $9000.
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