Given the following values, use the simple interest formula to find the remaining variable.
Round to the nearest cent.
years

Ask by Ball Howell. in the United States

Mar 30,2025

Question

Given the following values, use the simple interest formula $$ I=P r t $$ to find the remaining variable. Round to the nearest cent. $$ I=\$ 65.75, r=3.1 \%, t=4 $$ years

UpStudy AI · Accepted Answer

We are given the simple interest formula

$$
I = P \, r \, t
$$

with the values

$$
I = \$65.75,\quad r = 3.1\% = 0.031,\quad t = 4 \text{ years}.
$$

We need to solve for the principal $$ P $$. Rearranging the formula, we have

$$
P = \frac{I}{r \, t}.
$$

Substitute the known values:

$$
P = \frac{65.75}{0.031 \times 4}.
$$

Calculate the denominator:

$$
0.031 \times 4 = 0.124.
$$

Now, the calculation for $$ P $$ becomes

$$
P = \frac{65.75}{0.124} \approx 530.241935.
$$

Rounding to the nearest cent, we get

$$
P \approx \$530.24.
$$
The principal $$ P $$ is approximately \$530.24.

Given the following values, use the simple interest formula to find the remaining variable.
Round to the nearest cent.
years

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