SOLUTION: Use the interest formula to find the following value. Round to the nearest penny.
i=$125
r=6%
t=1
Find p.
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Question 175793: Use the interest formula to find the following value. Round to the nearest penny.
i=$125
r=6%
t=1
Find p.
Answer by EMStelley(208) (Show Source): You can put this solution on YOUR website!
I'm assuming the interest formula you are referring to is simple interest, which would be I=Prt. So using the information you gave, we have that
125 = P(0.06)(1)
So
125 = 0.06P
All that is left is to divide both sides by 0.06
P = $2083.33
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