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 Greg invested his money for 4 years at 5% and earned $4909.40 in interest. How much money did he invest if the interest was calculated using

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Greg invested his money for 4 years at 5% and earned $4909.40 in interest. How much money did he invest if the interest was calculated using the simple interest formula?

 Nov 18, 2014

Best Answer 

 #1
avatar+118723 
+5

I=Prt

4909.40=P*0.05*4

P=4909.40/(0.05*4)

 Nov 18, 2014

1+0 Answers

 #1
avatar+118723 
+5
Best Answer

I=Prt

4909.40=P*0.05*4

P=4909.40/(0.05*4)

Melody Nov 18, 2014

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