Answered

When invested at an annual interest rate of 11%, the amount earnedP11,200 of simple interest in two years. How much money was originally invested? *

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Berangoarthrutherviz

Answer:

The money that was originally invested was 50909.09

Step-by-step explanation:

Given:

Interest earned (I) = 11,200

Simple interest rate (R) = 1% or 0.11

Time (T) = 2 years

Principal (P) or amount invested = unknown

Solve for P, the amount invested:

I = P×R×T

Substitute with given values:

11,200 = P(0.11)(2)

P = 11,200 ÷ (0.11)(2)

P = 11,200 ÷ 0.22

P = 50909.0909091 rounded of to  50909.09

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