Trevor has an investment worth $6,774.50. He made his only deposit in it 22 years ago. Given that the investment yields 2.7% simple interest annually, how big was the initial deposit? a. $2,524.50
b. $4,024.03
c. $4,250.00
d. $11,404.88

First, converting R percent to r a decimal

r = R/100 = 2.7%/100 = 0.027 per year.

Solving our equation:

P = 6774.5 / ( 1 + (0.027 × 22)) = 4250P = $4,250.00The principal investment required to get a total amount, principal plus interest, of $6,774.50 from simple interest at a rate of 2.7% per year for 22 years is $4,250.00I do exams and quizzes if your interested!