Answered

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Question:Solve the formula I = Prt to find the principal, P, when I = $272.25, r = 2.2%, and t = 3 years.

Sagot :

Given in the question:

I = $272.25

r = r = 2.2%

t = 3 years

Let's re-equate the formula of Simple Interest to find P in terms of I, r, and t.

[tex]I\text{ = Prt }\rightarrow\text{ P = }\frac{I}{rt}[/tex]

Let's plug in the values to find P.

[tex]P\text{ = }\frac{I}{rt}[/tex][tex]P\text{ = }\frac{272.25}{(\frac{2.2}{100})(3)}\text{ = }\frac{272.25}{(0.022)(3)}[/tex][tex]P\text{ = }\frac{272.25}{0.066}[/tex][tex]P\text{ = 4,125 = \$4,125}[/tex]

Therefore, the Principal Amount is $4,125.

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