Answer: P = 19,571.42857142857
Step-by-step 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:
19571.43
Step-by-step explanation:
We are asked to solve for P using formula [tex]I=Prt[/tex], when [tex]I=5480; r=0.04\text{ and }t=7[/tex].
Upon substituting our given values in simple interest formula, we will get:
[tex]5480=P*0.04*7[/tex]
[tex]5480=P*0.28[/tex]
Switch sides:
[tex]P*0.28=5480[/tex]
Now, we will divide both sides of our given equation by 0.28 as:
[tex]\frac{P*0.28}{0.28}=\frac{5480}{0.28}[/tex]
[tex]P=19571.42857[/tex]
[tex]P\approx 19571.43[/tex]
Therefore, the principal amount (P) is approximately 19571.43.
