Answer:
1500$
Step-by-step explanation:
The formula to use in this problem is the one for the simple interest:
[tex]I=Prt[/tex]
where:
I is the interest
P is the principal
r is the rate of interest
t is the time
In this problem, we have:
I=$162 (interest)
r=3.6%, which we can rewrite as
[tex]r=\frac{3.6}{100}[/tex]
and
t=3 years
Therefore, re-arranging for P, we find the principal:
[tex]P=\frac{I}{rt}=\frac{162}{\frac{3.6}{100}\cdot 3}=1500[/tex]
