Question

A bank deposit paying simple interest at the rate of 8% per year grew to a sum of $1300 in 7 months. Find the principal. (Round your answer to the nearest cent.)

Answer 1

If an interest rate is 8% a year, and 6 month is exactly "half" a year, then an interest rate for half a year is 4%.

Answer 2

so that would be the principal ?

Answer 3

yess!

Answer 4

im pretty sure that not it for the question asks to round to the nearest cent

Answer 5

4%

Answer 6

haha ok