An Amount P , Invested at a Simple Interest Rate $A = \rho ( 1 + r t )$

question 62

Multiple Choice

An amount P , invested at a simple interest rate r , will grow to an amount A in t years according to the formula $A = \rho ( 1 + r t )$ . Suppose a man invested some money at 5.1%. If after 5 years, he had $7,216.25 on deposit, what amount did he originally invest?

• A) $5,760.00
• B) $5,750.00
• C) $5,720.00
• D) $5,710.00
• E) $5,770.00

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