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Question:

Interest earned on an account totals $100. If the interest rate is 7(1/4)%, what is the principal amount?

A $1,379

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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