Joey’s investment fetched a total simple interest of P 4016.25 at the rate of 9% per annum in 5 years. How much did Joey invest?

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 18PROB
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Joey’s investment fetched a total simple interest of P 4016.25 at the rate of 9% per annum in 5 years. How much did Joey invest?
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