Questions on Word Problems: Money, Business and Interest answered by real tutors!

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Question 148703This question is from textbook Elementary and Intermediate Algebra
: Amount of an investment. The amount of an investment of P dollars for t years at simple interest rate r is given by A=P + Prt.
a) Rewrite this formula by factoring out the greatest common factor on the right-hand side.
b) Find A if $8300 is invested for 3 years at a simple interest rate of 15%
This question is from textbook Elementary and Intermediate Algebra
: Amount of an investment. The amount of an investment of P dollars for t years at simple interest rate r is given by A=P + Prt.
a) Rewrite this formula by factoring out the greatest common factor on the right-hand side.
b) Find A if $8300 is invested for 3 years at a simple interest rate of 15%

Answer by ankor@dixie-net.com(3894) About Me  (Show Source):
You can put this solution on YOUR website!
Amount of an investment. The amount of an investment of P dollars for t years at simple interest rate r is given by A=P + Prt.
:
a) Rewrite this formula by factoring out the greatest common factor on the right-hand side.
"
A = Prt + P
Factor out P
A = P(rt+1)
:
b) Find A if $8300 is invested for 3 years at a simple interest rate of 15%
A = 8300(.15*3 + 1)
A = 8300(.45 + 1)
A = 8300(1.45)
A = $12,035