'Use the formula for future value_ P(1 rt), to find the missing quantity.'
Added by Vicente W.
Step 1
The formula for future value is P(1 + rt), where: - P is the present value (the initial amount of money) - r is the interest rate per period (expressed as a decimal) - t is the number of periods (usually years) - (1 + rt) is the factor by which the present value Show more…
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In the future value formula for simple interest, A = P(1 + rt), solve for the variable P. Note: In this formula, A represents future value, P is present value (or principle), r is rate, and t is time. P = (1+rt)/A P = A/(1+rt) P = A(1 + rt) P = A/rt
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