Kurt Blixen must invest $85,2296.94.
Given the following data;
- Simple interest = $10,000
To find how much money Kurt Blixen must invest;
Mathematically, simple interest is given by the formula;
[tex]S.I = \frac{PRT}{100}[/tex]
Where:
- S.I is the simple interest.
- P is the principal amount.
- T is the time measured in years.
First of all, we would convert the time in days to years.
Conversion:
365 days = 1 year
90 days = x year
Cross-multiplying, we have;
[tex]365 * x = 90\\\\x = \frac{90}{365}[/tex]
x = 0.247 year
Making P the subject of formula;
[tex]P = \frac{S.I(100)}{RT}[/tex]
Substituting the values into the formula, we have;
[tex]P = \frac{10000(100)}{4.75*0.247}\\\\P = \frac{1000000}{1.1733}[/tex]
P = $85,2296.94
Therefore, Kurt Blixen must invest $85,2296.94.
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