Question

Solve I = Prt for P when I = 5,480, r = .04, and t = 7.

Answer 1

Answer: P = 19,571.42857142857

Explanation:

Plug in the variables.

5480 = x(.04)(7)

.04*7=.28

5480=.28x

.28x/.28=x

5480/.28=19,571.42857142857

19,571.42857142857(.04)(7)=5480

P = 19,571.42857142857

Answer 2

19571.43

Explanation:

We are asked to solve for P using formula
`I=Prt`, when
`I=5480; r=0.04\text{ and }t=7`.

Upon substituting our given values in simple interest formula, we will get:

`5480=P*0.04*7`

`5480=P*0.28`

Switch sides:

`P*0.28=5480`

Now, we will divide both sides of our given equation by 0.28 as:

`(P*0.28)/(0.28)=(5480)/(0.28)`

`P=19571.42857`

`P\approx 19571.43`

Therefore, the principal amount (P) is approximately 19571.43.