Question

In 6 years, a bond with a 5.5% annual interest rate earned $660 as interest. What was the principal amount of the bond?

Answer 1

Given

In 6 years, a bond with a 5.5% annual interest rate earned $660 as interest.

Answer

$\begin{gathered} I=\frac{p\times r\times t}{100} \\ 660=\frac{p\times5.5\times6}{100} \\ 66000=p\times33 \\ p=\frac{66000}{33} \\ p=2000 \end{gathered}$