An amount of # 600,000.00 was realized when a principal y was saved for 5% simple interest for 4 years, find the value of y
Using \(A = P(1 + rt)\)
Substituting known values:
\(600,000 = y \left(1 + 0.05 \times 4\right)\)
\(600,000 = y \times 1.20\)
Solving for \( y \):
\(y = \frac{600,000}{1.20} = 500,000\)
Thus, the principal amount is # 500,000
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