Answer:
[tex]P=\$65,062.35[/tex]
Step-by-step explanation:
we know that
The simple interest formula is equal to
[tex]I=P(rt)[/tex]
where
I is the interest Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
[tex]t=(83/365)\ years\\ P=?\\ I=\$680.57\\r=0.046[/tex]
substitute in the formula above
[tex]680.57=P(83/365)(0.046)[/tex]
[tex]680.57*365=P(83)(0.046)[/tex]
[tex]P=680.57*365/[(83)(0.046)][/tex]
[tex]P=\$65,062.35[/tex]
