Use the formula A = P(1 + rt) to find the indicated quantity:
-A = $16,400; r = 10%; 90 days. Find P.
A) $400.00
B) $16,810
C) $16,400
D) $16,000

Question

Quizplus · Accepted Answer

Given A = $16,400, r = 10% or 0.10, and t = 90 days = 90/365 years (since there are 365 days in a year), we can rearrange the formula to solve for P: P = A / (1 + rt). Substituting the given values, P = $16,400 / (1 + 0.10 * (90/365)) = $16,000.

Use the Formula a = P(1 + Rt) to Find