# SOLUTION: Can someone please shoe me how to do this word problem with the steps?! I am stuck! Given the simple interest formula A=P(1+Rt). , where A is the accumulated amount you will h

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 Question 329315: Can someone please shoe me how to do this word problem with the steps?! I am stuck! Given the simple interest formula A=P(1+Rt). , where A is the accumulated amount you will have in t years if you invest the principal P at the rate R. a) Solve the formula for R. Leave the answer simplified. b) What rate of interest are you earning if in 5 years your \$6,000 investment has grown to be \$7,140? Answer by nyc_function(2733)   (Show Source): You can put this solution on YOUR website!(a) Solve the formula for R. Leave the answer simplified. We need to isolate R. In other words, we need to place R all alone on one side of the equation. Thisis what is meant by solve for R. A = P(1 + Rt) A = P + RPt A - P = RPt (A - P)/Pt = R ========================================================= (b) What rate of interest are you earning if in 5 years your \$6,000 investment has grown to be \$7,140? We need to use the given formula. A = P(1 + Rt) Let A = 7140 Let R = rate of interest Let P = 6000 Let t = 5 We now plug into formula and simplify. 7140 = 6000(1 + R5) 7140 = 6000 + 30000R 7140 - 6000 = 30000R 1140 = 30000R 1140/30000 = R 0.038 = R 3.8% = R