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Abigail has an account that pays 6. 92% simple interest per year and wants to accumulate $5,896 in interest from this account over six years. How much money should Abigail invest in this account to meet this goal? a. $2,448. 02 b. $8,344. 10 c. $14,200. 39 d. $20,096. 67.

Respuesta :

Kittyhacker14

Answer:

Correct answer is C) $14.200.39

Explanation:

we know that

The simple interest formula is equal to

I = Prt

P = I / (rt)

where

I is the amount of money in interest

P is the Principal amount of money to be invested

r is the rate of interest  in decimal

t is Number of Time Periods

in this problem we have

t = 9 years  

I = $5,896

P = ?

r = 0.0692

substitute in the formula above  

P = 5,896/ (0.0692 ÷ 6) = $14,200.39

therefore

the answer is option C)

$14,200.39

(Hope this helps can I please have brainlist (crown)☺️)

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