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What principal will earn $219
What principal will earn $219.89 interest at 11.25% p.a. from November 16, 2013 to February 7, 2014? Round to nearest 100th
Expert Solution
Total days = 83 days
Interest amount = Principal x Interest rate x Days/365
219.89 = Principal x 11.25% x 83/365
Principal = 219.89 x 365/83 x 1/11.25%
Principal = 8595.432396
Principal = $8,595.43
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