Answer:
P≈ 5.208
Explanation:
The formula for simple interest is given by:
\[ I = PRT \]
where:
- \( I \) is the interest,
- \( P \) is the principal amount (the initial amount of money),
- \( R \) is the interest rate per time period,
- \( T \) is the time the money is invested or borrowed for.
In your case, you have \( I = 1 \), \( R = 0.032 \), and \( T = 6 \). We need to solve for \( P \).
\[ 1 = P \cdot 0.032 \cdot 6 \]
Let's solve for \( P \):
\[ P = \frac{1}{(0.032 \cdot 6)} \]
\[ P \approx \frac{1}{0.192} \]
\[ P \approx 5.208 \]
Therefore, when you substitute the given values into the formula, the principal amount (\( P \)) is approximately 5.208.