Answer:
$900
Step-by-step explanation:
Use the formula for simple interest: i = p r t, where i is the interest earned, p is the principal amount, r is the interest rate as a decimal fraction, and t is the time in years.
Here, i = $27 = p(0.015)(2), or
$27 = 0.03p
Dividing both sides by 0.03, we get:
p = $27 / 0.03 = $900
The principal, in this situation, was $900.
