Solve the Equation for Y $\mathrm { S } = \mathrm { P } ( 1 + \mathrm { rt } )$

question 84

Multiple Choice

Solve the equation for y.
-The future value of a simple interest investment is given by $\mathrm { S } = \mathrm { P } ( 1 + \mathrm { rt } )$ , where $\mathrm { P }$ is the principal invested at a simple interest rate $\mathrm { r }$ for $\mathrm { t }$ years. What principal $\mathrm { P }$ must be invested for $t = 4$ months at the simple interest rate $r = 11 \%$ so that the future value grows to $\$ 3600$ .

• A) $127.33
• B) $3243.24
• C) $3472.67
• D) $3503.65

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