Evander holyfield (known as the man who had part of his ear bit off by mike tyson) made $250 million during his boxing career but declared bankruptcy due to poor financial choices. his july interest at 15% was $155. what was evander's principal at the beginning of july? (use 360 days a year. do not round intermediate calculations.)
The principle will be calculate using simple interest given by: S.I.=(PRT)/100 P=principle R=rate T=time From the information given we have: r=15% t=7 months=7/12 years S.I=155000 155000=P×7/12×15/100 155000=0.0875P hence: P=155000/0.0875 P=$1,771,428.571
