Use the formula $i = P r t$ to reach a solution for the following problem. How much principal, invested at 18% annual interest for 6 years, is needed to earn $4,039.20?
A) P = $3,740
B) P = $3,810
C) P = $3,730
D) P = $3,700
E) none of these

Question

Quizplus · Accepted Answer

The formula $i = P r t$ can be rearranged to solve for $P$:$$P = \frac{i}{rt}$$Substituting the given values, we get:$$P = \frac{4,039.20}{0.18 \times 6} = 3,740$$Therefore, the correct answer is A) P = $3,740.

Use the Formula i=Prti = P r ti=Prt To Reach a Solution for the Following Problem

Use the Formula $i = P r t$ To Reach a Solution for the Following Problem