Textbook Problem

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For Problems 66-73, use your calculator to help solve each formula for indicated variable.

Solve $i=Prt$ for $r,$ given that $i=\$88.00, P=\$2200$ and $t=0.5$ of a year. Express $r$ as a percent.

To determine

To Solve:

To Solve $i=Prt$ for $r,$ given that $P=\$2200, t=0.5 years$ and $i=\$88$ and express $r$ as a percent.

Explanation of Solution

Approach:

Formulas are the rules represented in symbolic form as equations.

Formulas are used in two ways.

1) Formula is used to solve for a specific variable when numeric values are given for remaining variables. This is similar to evaluating an algebraic expression.

2) Sometimes we need to change the equation form in order to solve one variable in terms of another variable.

Ex: If $P$ dollars are invested at a rate of $r\%$ for a time of $t$ years, the amount of simple interest $i$ is given by the formula $i=Prt$.

Calculation:

To solve for $r,$ given that $P=\$2200, t=0.5 years$ and $i=\$88.$

Formula is $i=Prt$

Substitute the given values in the formula