the future value of a simple interest investment is given by s = p(1 + rt). what principal p must be…

the future value of a simple interest investment is given by s = p(1 + rt). what principal p must be invested for t = 6 years at the simple interest rate r = 11% so that the future value grows to $5810? p = $

the future value of a simple interest investment is given by s = p(1 + rt). what principal p must be invested for t = 6 years at the simple interest rate r = 11% so that the future value grows to $5810? p = $

Answer

Explanation:

Step1: Substitute given values into formula

Given $S = 5810$, $r=0.11$, $t = 6$ into $S=P(1 + rt)$. So we have $5810=P(1+0.11\times6)$.

Step2: Simplify the right - hand side

First calculate $1+0.11\times6=1 + 0.66=1.66$. Then the equation becomes $5810 = 1.66P$.

Step3: Solve for $P$

Divide both sides of the equation by $1.66$. So $P=\frac{5810}{1.66}$. $P = 3500$.

Answer:

$3500$