Question 74680
Just plug in the values you're given and evaluate:
{{{A = P+Prt}}}Plug in A = 1032, r=.06, and t=12
{{{1032 = P+P(.06)(12)}}}
{{{1032 = P+0.72P}}}
{{{1032 = 1.72P}}}Add like terms
{{{1032/1.72 = cross(1.72/1.72)P}}}Divide both sides by 1.72
{{{P=600}}} So you invested $600 for 12 months at 6% interest to have $1032 in your savings
<p>
Check:
{{{1032 = P+Prt}}}Plug in P=600, r=.06 and t=12
{{{1032 = 600+600(.06)(12)}}}
{{{1032 = 600+432}}}
{{{1032 = 1032}}}works