abigail has an account that pays 6.92% simple interest per year and wants to accumulate $5,896 in interest…

Explanation:

Step1: Recall simple - interest formula

The simple - interest formula is $I = Prt$, where $I$ is the interest, $P$ is the principal (the initial amount of money invested), $r$ is the annual interest rate (in decimal form), and $t$ is the time in years. We are given that $I=$5896$, $r = 6.92%=0.0692$, and $t = 6$ years. We need to solve for $P$.

Step2: Rearrange the formula to solve for $P$

From $I = Prt$, we can solve for $P$ by dividing both sides of the equation by $rt$. So, $P=\frac{I}{rt}$.

Step3: Substitute the given values into the formula

Substitute $I = 5896$, $r=0.0692$, and $t = 6$ into the formula $P=\frac{I}{rt}$. $P=\frac{5896}{0.0692\times6}$ First, calculate $0.0692\times6=0.4152$. Then, $P=\frac{5896}{0.4152}\approx14200.39$.

Answer:

c. $$14,200.39$