Question

The formula I = p r t gives the amount of simple interest (I) earned by investing principle ( p ) for rate ( r ) over a period of time ( t ). Solve this formula for p, and find p if r = 0.035, t = 5 and I = $350.

Answer 1

\[I = p*r*t\]
\[350 = p*0.035*5\]
\[p=\frac{ 350 }{ 0,0035*5 }\]
\[p=20000\]