SOLUTION: What principal P must be invested for t=7 years at the simple interest rate r=12% so that the future value grows to $8280? A building is worth $829,000 is depreciated for tax

Question 343774: What principal P must be invested for t=7 years at the simple interest rate r=12% so that the future value grows to $8280?

A building is worth $829,000 is depreciated for tax purposes by its owner, if you use straight line method. The value of the building,y,after,x months of use, is given by Y=829,000-2600x dollars. After how many yrs wil the valueof the building be 610,600? Afte how many yers?
Thanks Homework due in early am
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
I'll do the first one to get you started. Please only post one problem at a time (as stated in the rules)

Start with the simple interest formula.

Plug in (the future value), (the decimal equivalent of 12%), and .

Factor out the GCF "P" from the right side.

Multiply 0.12 and 7 to get 0.84.

Add 1 to 0.84 to get 1.84.

Divide both sides by 1.84 to isolate "P".

Rearrange the equation.

Divide.

So if you initially invest $4500 at an interest rate of 12% for 7 years (using simple interest), you'll get $8280.

If you need more help, email me at jim_thompson5910@hotmail.com

Also, please consider making a donation at my tutoring website. Thank you.

Jim
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