An amount P , invested at a simple interest rate r , will grow to an amount A in t years, according to the formula A = P ( 1 + r t ). Suppose a man invested some money at 5.6%. If after 3 years, he had $6,424.00 on deposit, what amount did he originally invest? Round your answer to the nearest integer.
A) P = $5,350
B) P = $5,300
C) P = $5,500
D) P = $5,600

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The Answer of An amount P , invested at a simple interest rate r , will grow to an amount A in t years, according to the formula A = P ( 1 + r t ). Suppose a man invested some money at 5.6%. If after 3 years, he had $6,424.00 on deposit, what amount did he originally invest? Round your answer to the nearest integer.
A) P = $5,350
B) P = $5,300
C) P = $5,500
D) P = $5,600

An Amount P , Invested at a Simple Interest Rate