1. **State the problem:** IJX Company borrows money at an interest rate of 10% per year for 54 days and the interest accrued is 1560. We need to find the principal amount borrowed. 2. **Formula used:** The simple interest formula is $$I = P \times r \times t$$ where: - $I$ is the interest earned, - $P$ is the principal amount, - $r$ is the annual interest rate (in decimal), - $t$ is the time period in years. 3. **Convert time to years:** Since the time is given in days, convert it to years by dividing by 365: $$t = \frac{54}{365}$$ 4. **Substitute known values:** $$1560 = P \times 0.10 \times \frac{54}{365}$$ 5. **Solve for $P$:** $$P = \frac{1560}{0.10 \times \frac{54}{365}} = \frac{1560}{0.10 \times 0.147945} = \frac{1560}{0.0147945} \approx 105,441.18$$ 6. **Answer:** The principal amount borrowed is approximately 105441.18.