Problema Solution
Gary makes an investment at 4.5% simple interest. At the end of one year, the total value of the investment is $3448.50. How much was originally invested?
Answer provided by our tutors
let
P = the original investment
r = 0.045 or 4.5% simple interest
t = 1 year
A = $3448.50 the future value
A = P(1 + rt)
3448.50 = P(1 + 0.045*1)
P = $3,300
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$3,300 was originally invested.