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Interest earned on an account totals $100. If the interest rate is 7(1/4)%, what is the principal amount?
$1,379
$725
$1,333
$1,428
Detailed Explanation
Interest = principal × rate. Let p represent the principal. Then 100 = p *7(1/4)%, so p =100/(7 + (1/4)% = 100/0.0725 = 1.379.
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