Answer:
P=$7,500
Step-by-step explanation:
The given formula is [tex]I=prt[/tex].
This is the simple interest formula
We want to find the principal, when I=$300
r=4% and t=1 year.
We substitute the values to obtain:
[tex]300=p*0.04*1[/tex]
We multiply on the right to get:
[tex]300=0.04p[/tex]
Divide by 0.04 to get:
[tex]p=\frac{300}{0.04}[/tex]
This gives [tex]P=7500[/tex]
Therefore the principal is $7500
