Question 1089835
{{{ I = P*r*t }}}
{{{ I + P = 6800 }}}
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{{{ t = 48/12 }}}
{{{ t = 4 }}}
{{{ r = .12 }}}
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{{{ I = 6800 - P }}}
{{{ 6800 - P = P*.12*4 }}}
{{{ 6800 - P = .48P }}}
{{{ P + .48P = 6800 }}}
{{{ 1.48P = 6800 }}}
{{{ P = 4594.59 }}}
He must invest $4,594.59 initially
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check:
{{{ I = 6800 - P }}}
{{{ I = 6800 - 4594.59 }}}
{{{ I = 2205.41 }}}
{{{ I = P*r*t }}}
{{{ 2205.41 = 4594.59*.12*4 }}}
{{{ 2205.41 = .48*4594.59 }}}
{{{ 2205.41 = 2205.40 }}}
( error due to rounding off, I think )