Determine the present value P that must be invested to have the future value A at simple interest rate r after time t. A = $4000, r = 7%, t = 6 years ..... (Round up to the nearest cent.)

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...
icon
Related questions
Question
Determine the present value P that must be invested to have the future value A at simple interest rate r after time t.
A = $4000, r = 7%, t = 6 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 = $4000, r = 7%, t = 6 years ..... (Round up to the nearest cent.)
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage