Elementary Algebra

Published by Cengage Learning
ISBN 10: 1285194055
ISBN 13: 978-1-28519-405-9

Chapter 4 - Proportions, Percents, and Solving Inequalities - 4.2 - Percents and Problem Solving - Problem Set 4.2: 60


3000 dollars are needed as principal.

Work Step by Step

The interest formula is: I = P $\times$ r $\times$ t. To find the principal, or P, we divide I by r $\times$ t. So, P = $\frac{I}{r\ \times\ t}$ r = 5% = 0.05 t = 4 I = 600 Substitute these values in the formula to obtain: P = $\frac{600}{0.05\ \times\ 4}$ P = $\frac{600}{0.20}$ P = 3000 dollars.
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.