To find the principal (P) that will earn $67.14 in interest at an annual interest rate of 6.25% for 82 days, we use the simple interest formula:

$I = P \times r \times t$

where:

• $I = 67.14$ (interest earned),
• $r = \frac{6.25}{100} = 0.0625$ (annual interest rate as a decimal),
• $t = \frac{82}{365}$ (time in years, since interest rates are typically annual).

Step 1: Rearrange for $P$

$P = \frac{I}{r \times t}$

Step 2: Substitute values

$P = \frac{67.14}{0.0625 \times \frac{82}{365}}$

Let's calculate this value. Given values I = 67.14 # Interest earned r = 6.25 / 100 # Convert percentage to decimal t = 82 / 365 # Convert days to years

Calculate principal (P)

P = I / (r * t) PThe principal amount that will earn $67.14 in interest at 6.25% for 82 days is approximately $4,781.68.

Would you like a breakdown of the calculations or a different example?

Related Questions:

1. How much interest will $5,000 earn at 6.25% for 100 days?
2. What will be the total amount after 1 year if $4,781.68 is invested at 6.25% simple interest?
3. If the interest rate was 5%, what would be the principal for the same interest earned?
4. How long would it take for $4,781.68 to earn $100 in interest at 6.25%?
5. What would be the interest earned if the principal was doubled?

Tip: Simple interest grows linearly over time, while compound interest grows exponentially!