SOLUTION: The future value of a simple interest investment is given by S=P(1+rt). What principal P must be invested for t=7 years at the simple interest rate r=10% so that the future value g
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Question 859943: The future value of a simple interest investment is given by S=P(1+rt). What principal P must be invested for t=7 years at the simple interest rate r=10% so that the future value grows to $10,200?
Answer by tommyt3rd(5050) (Show Source): You can put this solution on YOUR website!
P=
S/(1+rt)=
10200/(1+0.1*7)=
6000
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