Answer:
$8333.3
Step-by-step explanation:
The problem here is to find the principal that will yield an interest of $500 in a year at a rate of 6%.
Interest = [tex]\frac{PRT}{100}[/tex]
P is the principal
R is the rate
T is the time
The time is 1 year;
500 = [tex]\frac{P x 6 x 1}{100}[/tex]
6P = 50000
P = [tex]\frac{50000}{6}[/tex] = $8333.3
