Final answer:
To find the cost of each peach, subtract the cost of the cereal from the total amount spent: P = $7.53 - $3.67 = $3.86.
Step-by-step explanation:
To find the cost of each peach, we need to subtract the cost of the cereal from the total amount spent. So the equation would be:
Peaches cost = Total amount spent - Cost of cereal
P = $7.53 - $3.67
P = $3.86
Therefore, each peach costs $3.86.