Answer:
$500
Step-by-step explanation:
First, converting R percent to r a decimal
r = R/100 = 3.5%/100 = 0.035 per year,
then, solving our equation
P = 70 / ( 0.035 × 4 ) = 500
P = $ 500.00
The principal required to
accumulate interest of $ 70.00
on a rate of 3.5% per year for 4 years is $ 500.00.
