Answer:
The principal should be of $2,743.5.
Step-by-step explanation:
Simple interest formula:
I = P*r*t
In which
I is the interest earned
P is the principal
r is the interest rate, as decimal
t is the time, in years.
In this question:
Earn 200 in interest, so I = 200.
Principal P we want to find
Interest rate of 2.43%, so r = 0.0243
3 years, so t = 3.
Then:
I = P*r*t
200 = P*0.0243*3
P = (200)/(3*0.0243)
P = 2743.5
The principal should be of $2,743.5.
