SOLUTION: find the present value of an investment at 4% annual simple interest and is worth $6900 after 7 years?

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Question 166292: find the present value of an investment at 4% annual simple interest and is worth $6900 after 7 years?
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
Simple interest formula,
F=P%281%2Bni%29
where F is the future value, P is the present value, i is interest rate, n is the number of periods.
F=P%281%2Bni%29
6900=P%281%2B7%280.04%29%29
6900=P%281%2B0.28%29
P=5390.63