SOLUTION: Kris makes an investment at 5.8% simple interest. At the end of one year, the total value of the investment is 2909.50. How much was originally invested.

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Question 596393: Kris makes an investment at 5.8% simple interest. At the end of one year, the total value of the investment is 2909.50. How much was originally invested.
Answer by jim_thompson5910(35256) About Me  (Show Source):
You can put this solution on YOUR website!
A=P%2BPrt Start with the simple interest formula.


2909.50=P%2BP%2A0.058%2A1 Plug in A=2909.50, r=0.058 (the decimal equivalent of 5.8%), and t=1.


2909.50=P%281%2B0.058%2A1%29 Factor out the GCF "P" from the right side.


2909.50=P%281%2B0.058%29 Multiply 0.058 and 1 to get 0.058.


2909.50=P%281.058%29 Add 1 to 0.058 to get 1.058.


2909.50%2F%281.058%29=P Divide both sides by 1.058 to isolate "P".


P=2909.50%2F%281.058%29 Rearrange the equation.


P=2750 Divide.


So $2750 was originally invested.