Question

Substitute the given values into the given formula and solve for the unknown variable.

1=PRT; 1= 595,200, R=0.032, T = 6 (Simple interest formula)
P=
(Type an integer or a decimal.)

Answer 1

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.