For Simple Interest Accounts, the Amount a Accumulated or Due

question 76

Multiple Choice

For simple interest accounts, the amount A accumulated or due depends on the principal p, interest rate r, and the time t in years according to the formula A = p(1 + rt) . Find p given A = $1971.20, r = 16%, and t = 9 months. Round your answer to the nearest dollar.

• A) $1760
• B) $1765
• C) $1770
• D) $1775

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Definitions:

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