Question

After 10 years, Hamid's account earned $300 in interest. If the interest rate (in decimal form) is 0.06, how much did Hamid initially invest? Without substitution, solve the formula chosen in the previous step for the unknown variable in terms of the known variable(s). I=prt

Answer 1

Answer:

• p = I/(rt)
• p = $500

Step-by-step explanation:

To solve the equation I=prt for p, divide by its coefficient, rt. That gives ...

  p = I/(rt)

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Now, to answer the question, you can substitute the given values for I, r, t and you have ...

  p = $300/(0.06·10) = $500

Hamid initially invested $500.