Answer:
$108.19
Step-by-step explanation:
First, converting R percent to r a decimal
r = R/100 = 3.6%/100 = 0.036 per year.
Solving our equation:
P = 119.88 / ( 1 + (0.036 × 3)) = 108.19494584838
P = $108.19
The principal investment required to get a total amount, principal plus interest, of $119.88 from simple interest at a rate of 3.6% per year for 3 years is $108.19.
Hope this helps!
