Given the following values, use the future value for simple interest formula to find the
remaining variable. Round to the nearest cent.
years and 3 months

Ask by Warner Chandler. in the United States

Mar 30,2025

Question

Given the following values, use the future value for simple interest formula to find the
remaining variable. Round to the nearest cent.
years and 3 months

Ask by Warner Chandler. in the United States

Mar 30,2025

UpStudy AI · Accepted Answer

**Step 1: Convert the time to years**

The given time is 2 years and 3 months. Since 3 months is $$\frac{3}{12} = 0.25$$ years, the total time in years is:
$$
t = 2 + 0.25 = 2.25 \text{ years}
$$

**Step 2: Write the formula and solve for $$P$$**

The future value formula for simple interest is given by:
$$
A = P(1 + rt)
$$

We need to solve for $$P$$. Rearranging the formula, we get:
$$
P = \frac{A}{1+rt}
$$

**Step 3: Plug in the known values**

The given values are:
$$
A = 1269.74,\quad r = 2.16\% = 0.0216,\quad t = 2.25
$$

Substitute these into the equation:
$$
P = \frac{1269.74}{1 + 0.0216 \times 2.25}
$$

Calculate the denominator:
$$
0.0216 \times 2.25 = 0.0486
$$
$$
1 + 0.0486 = 1.0486
$$

So, the equation becomes:
$$
P = \frac{1269.74}{1.0486}
$$

**Step 4: Compute the value of $$P$$**

Dividing:
$$
P \approx \frac{1269.74}{1.0486} \approx 1210.89
$$

**Answer:** The principal $$P$$ is approximately $$\$1210.89$$.
The principal $$ P $$ is approximately \$1,210.89.

Given the following values, use the future value for simple interest formula to find the
remaining variable. Round to the nearest cent.
years and 3 months

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Given the following values, use the future value for simple interest formula to find the remaining variable. Round to the nearest cent. years and 3 months

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Given the following values, use the future value for simple interest formula to find the
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