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Solve the Equation for Y S=P(1+rt)\mathrm { S } = \mathrm { P } ( 1 + \mathrm { rt } )

Question 65

Multiple Choice

Solve the equation for y.
-The future value of a simple interest investment is given by S=P(1+rt) \mathrm { S } = \mathrm { P } ( 1 + \mathrm { rt } ) , where P\mathrm { P } is the principal invested at a simple interest rate r\mathrm { r } for t\mathrm { t } years. What principal P\mathrm { P } must be invested for t=4t = 4 months at the simple interest rate r=11%r = 11 \% so that the future value grows to $3600\$ 3600 .


A) $127.33
B) $3243.24
C) $3472.67
D) $3503.65

Correct Answer:

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