Given the following values, use the simple interest formula to find the remaining variable.
Round to the nearest cent.
years

Ask by Mann Bush. in the United States

Mar 30,2025

Question

Given the following values, use the simple interest formula $$ I=P r t $$ to find the remaining variable. Round to the nearest cent. $$ I=\$ 65.75, r=3.1 \%, t=4 $$ years $$ \$ \square $$

UpStudy AI · Accepted Answer

We are given the formula for simple interest:  
$$
I = P \, r \, t
$$  
where  
$$
I = \$65.75, \quad r = 3.1\% = 0.031, \quad t = 4 \text{ years}.
$$

**Step 1:** Solve the formula for $$ P $$.  
$$
P = \frac{I}{r \, t}
$$

**Step 2:** Substitute the given values into the formula.  
$$
P = \frac{65.75}{0.031 \times 4}
$$

**Step 3:** Calculate the denominator.  
$$
0.031 \times 4 = 0.124
$$

**Step 4:** Divide the interest $$ I $$ by the product $$ r \, t $$.  
$$
P = \frac{65.75}{0.124} \approx 530.40
$$

Rounded to the nearest cent, the principal $$ P $$ is  
$$
\$530.40
$$
The principal $$ P $$ is \$530.40.

Given the following values, use the simple interest formula to find the remaining variable.
Round to the nearest cent.
years

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