SOLUTION: A little help please?! How much do you have to invest today at 5% interest if you want to have $18,000 in 6 months? (To the nearest cent) Thank you in advance!! I originally

Question 430327: A little help please?!
How much do you have to invest today at 5% interest if you want to have $18,000 in 6 months? (To the nearest cent)
Thank you in advance!!
I originally thought the anser was $13,231.66, but another person suggested the answer as something completely differnt! I'm lost and dont know what to do...

Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
How much do you have to invest today at 5% interest
if you want to have $18,000 in 6 months?
-----------
Assuming you have simple interest you get:
---
A(t) = P + Prt
A(t) = P(1+rt)
----------------------
18000 = P(1+0.05*(1/2))
---
18000 = P(1.025)
---
P = $17,560.98
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