Answer:
[tex]\$2,200[/tex]
Step-by-step explanation:
we know that
The simple interest formula is equal to
[tex]I=P(rt)[/tex]
where
I is the Final Interest Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
[tex]t=6/12=0.5\ years\\ P=?\\ I=\$77.00\\r=7\%=7/100=0.07[/tex]
substitute in the formula above
[tex]77.00=P(0.07*0.5)[/tex]
solve for P
[tex]77.00=0.035P[/tex]
[tex]P=77.00/0.035[/tex]
[tex]P=\$2,200[/tex]
