An Amount P , Invested at a Simple Interest Rate

question 45

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 = P ( 1 + r t ) . Suppose a man invested some money at 5.9%. If after 5 years, he had $6,151.25 on deposit, what amount did he originally invest? Round your answer to the nearest integer.

• A) P = $4,900
• B) P = $4,950
• C) P = $4,750
• D) P = $4,650

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