The Amount Of An Investment
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The amount of an investment of P dollars for t years at simple interest rate of r is given by A=P + Prt.
a. Rewrite this formula by factoring out the greatest common factor on the right-hand side.
b. Find A if $8300 is invested for 3 years at a simple interest rate of 15%.
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Solution Summary
In a very brief, but concise solution, using the simple interest formula, the value of an investment is found. All required calculations are provided.
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