SOLUTION: I have a business finance exam soon and I am having some difficulty to arrange formulas and then solving it. Can someone please give a step by step guide as to how to arrive to the

Question 1061445: I have a business finance exam soon and I am having some difficulty to arrange formulas and then solving it. Can someone please give a step by step guide as to how to arrive to the answer.
2.4= 0.3495*1.03/(I-0.03)
I= 17.999%
Can someone please explain how to get to the value of I. Any help will be greatly appreciated. Thank you.
Found 2 solutions by KMST, MathTherapy:
Answer by KMST(5328) (Show Source): You can put this solution on YOUR website!
Finding from a "formula" like that is what algebra teachers call "solve for I."
In the formula, had been manipulated with several operations.
You want to undo what has been done to .
Since has been "wrapped" in several layers of algebra,
you want to start unwrapping by removing the last layer applied,
undoing changes in the reverse order that they were applied.
For example, the first thing done to was subtracting 0.03,
so the last thing you would do would be adding 0.03,
after you have "peeled off all the other algebra layers."
Here is how it goes:

We multiply both sides of the equal sign times to get

At that point, you can do the multiplication on the right side,
to get ,
or you can keep "solving" and do all the calculator work at the end.
Next step is dividing both sides of the equal sign by 2.4 to get
or .
The last step is adding 0.03 to both sides of the equal sign, to get
or .
Now, you have to understand that percentages are ratios,
and .
Answer by MathTherapy(10552) (Show Source): You can put this solution on YOUR website!
I have a business finance exam soon and I am having some difficulty to arrange formulas and then solving it. Can someone please give a step by step guide as to how to arrive to the answer.
2.4= 0.3495*1.03/(I-0.03)
I= 17.999%
Can someone please explain how to get to the value of I. Any help will be greatly appreciated. Thank you.

I'm sure you will have a calculator in the exam, so DO NOT do any calculation until it's totally necessary
You have:
2.4(I - .03) = 0.3495 * 1.03 ------- Cross-multiplying
2.4I - 2.4(.03) = 0.3495 * 1.03 ---- Distributing left-side
2.4I = 0.3495 * 1.03 + 2.4(.03) -----Adding 2.4(.03) to both sides
------- Dividing both sides by 2.4
Now, you can enter all that into the calculator, making sure that you place PARENTHESES before the 0.3495 and also after the .03 so as to DIFFERENTIATE the numerator from the denominator.
You should then get: 0.17999375, which is actually 17.999%, rounded to 3 decimal places.
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