Determine the present value P that must be invested to have the future value A at simple interest rate r after time t. A = $1500, r = 6%, t = 5 years $ (Round up to the nearest cent.)

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 2E
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Determine the present value P that must be invested to have the future value A at simple interest rate r after time t.
A = $1500, r = 6%, t = 5
years
$
(Round up to the nearest cent.)
Transcribed Image Text:Determine the present value P that must be invested to have the future value A at simple interest rate r after time t. A = $1500, r = 6%, t = 5 years $ (Round up to the nearest cent.)
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