An investment earn 6% simple interest. What amount of principal is need to have $3000 after 5 years

The amount of $1000 principal is needed to have $3000 after 5 years.

Step-by-step explanation:

As the interest formula is

Where

Substituting the following values in the interest formula and solve for P

I=$3000

r = 6% = 6/100 =

t = 5

so the equation becomes

switch both sides

$

Therefore, the amount of $1000 principal is needed to have $3000 after 5 years.

6mm^3 or .6cm^3

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