SOLUTION: If an investment at 7% simple interest has a future value of $6031 in 9 years, what was the original investment ?

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Question 1146041: If an investment at 7% simple interest has a future value of $6031 in 9 years, what was the original investment ?
Answer by greenestamps(13198) About Me  (Show Source):
You can put this solution on YOUR website!


interest = principal * rate * time

future value is principal + interest

We know rate and time; the principal is the unknown x:

6031+=+x+%2B+x%28.07%29%289%29+=+x+%2B+.63x+=+1.63x

x+=+6031%2F1.63

You can do the calculation....