Bunuel wrote:
Patricia invested a sum of money at an annual simple interest rate of 21/2%. At the end of 4 years the amount invested plus interest earned was $781.00. What was the dollar amount of the original investment?
(A) $231.84
(B) $318.16
(C) $550.00
(D) $750.00
(E) $781.84
Formula used: Simple interest = \(\frac{P*n*R}{100}\)
Let the initial investment that Patricia made be P
\(P + \frac{P*n*R}{100} = 781\) ->\(P(1 + \frac{nR}{100}) = 781\)
Substituting n = 4, R =\(\frac{21}{2}\) in the equation, we get\( P(1 +4*\frac{21}{2}\)
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