Answer
4500 dollars is needed.
Work Step by Step
The interest formula is: i = P $\times$ r $\times$ t.
To find the principal, or P, we divide i by r $\times$ t.
So, P = $\frac{i}{r\ \times\ t}$
i = 540
r = 6% = 0.06
t = 2
Substitute these values into the formula to find out the principal needed.
P = $\frac{540}{0.06\times 2}$
P = $\frac{540}{0.12}$
P = 4500
4500 dollars is needed.
