Homework Sourse1Consider the following 15400 P P0069 Find P P Tell what
1.Consider the following.
15,400 = P + P(0.06)(9)
Find P.
P =
Tell what the other numbers represent. (Enter the rate as a decimal.)
| future value= | |
| interest= | |
| rate= | |
| time= |
Solution
15400=P + P(.06)9
!5400=P(1+.54)
P=15400/1.54=10,000
The given equation is of the form
A=P+I
where A is the futute value which is 15400
I=P*r*t
where r is the rate that is .06
t is the time that is 9 yrs
And I is the interest that is 10000*.06*9=5400
