Answer:
$2000
Step-by-step explanation:
Simple Interest = $70
Rate = 3.5%
Time = 1
Principal = ?
Simple Interest = (Principal × Rate × Time)/100
Principal = (Simple Interest × 100)/(Rate × Time)
Principal = (70 × 100)/(3.5 × 1)
Principal = 7000/3.5
Principal = 14000/7
Principal = 2000
