Answer:
$38666.67
Step-by-step explanation:
First, converting R percent to r a decimal
r = R/100 = 3%/100 = 0.03 per year,
putting time into years for simplicity,
9 months ÷ 12 months/year = 0.75 years,
then, solving our equation
P = 870 / ( 0.03 × 0.75 ) = 38666.666666667
P = $ 38,666.67
The principal required to
accumulate interest of $ 870.00
on a rate of 3% per year for 0.75 years (9 months) is $ 38,666.67.
