Chapter 14: Problem 13
Solve \(A=P+P r t\) for \(P\), given that \(A=\$ 326, r=7 \%\), and \(t=9\) years.
Short Answer
Expert verified
The value of \(P\) is approximately \(200\).
Step by step solution
01
Write Down the Given Formula
The given formula is \(A = P + P r t\). We need to solve this formula for \(P\).
02
Substitute Given Values
We know that \(A = 326\), \(r = 0.07\) (since the percentage needs to be in decimal form), and \(t = 9\). Substitute these into the equation: \(326 = P + P \times 0.07 \times 9\).
03
Simplify the Equation
Simplify the right side of the equation by combining the terms involving \(P\): \(P + P \times 0.07 \times 9 = P(1 + 0.07 \times 9) = P(1 + 0.63) = P \times 1.63\).
04
Solve for P
Now that the equation is simplified to \(326 = P \times 1.63\), divide both sides by \(1.63\) to solve for \(P\): \(P = \frac{326}{1.63}\).
05
Calculate P
Perform the division to find \(P\): \(P \approx 200\).
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Key Concepts
These are the key concepts you need to understand to accurately answer the question.
Solving Equations
Solving equations is a fundamental concept in algebra. It involves finding the value of an unknown variable that satisfies a given equation. In this exercise, we need to solve for the variable \(P\) in the equation \(A = P + Prt\). The key steps involve isolating the variable \(P\) by manipulating the equation through algebraic operations like addition, subtraction, multiplication, and division.
- Start by identifying the equation you need to solve, writing down any known values.
- Substitute the known values into the equation. This converts it into a simpler expression involving the unknown variable.
- Perform algebraic operations to isolate the unknown variable on one side of the equation. This often involves simplification and rearranging the terms.
- Once the variable is isolated, solve the equation by performing the required arithmetic operations.
Interest Rate Problems
Interest rate problems involve calculations based on the concept of interest added to a principal amount over a period of time. In these calculations, you typically encounter terms like rate (\(r\)), time (\(t\)), principal (\(P\)), and the total amount (\(A\)). The formula \(A = P + Prt\) represents the future value of the principal after interest accrues over a specific timeframe.
- The principal \(P\) is the initial amount of money invested or borrowed.
- The rate \(r\) is usually expressed as a percentage but must be converted to a decimal (e.g., 7% becomes 0.07) for calculation purposes.
- The time \(t\) is often measured in years.
- The amount \(A\) is the total money accumulated after interest is applied over the period.
Step-by-Step Solutions
Breaking down a problem into a step-by-step solution offers a clear path to understanding and solving equations. This methodical approach allows you to focus on each part of the equation independently, providing a deep understanding of the mathematical operations involved. When tackling a problem, especially in algebra, working systematically through the steps ensures accuracy and builds confidence.
- Organize the Information: Start by noting down the equation and identifying the knowns and unknowns.
- Substitution: Fill in the known values into the equation, simplifying the process of solving for the unknown.
- Simplification: Focus on reducing complex expressions by combining like terms and simplifying factors.
- Solution: Apply arithmetic operations to isolate the variable, verifying each step to ensure accuracy.
- Verification: Double-check your result by substituting it back into the original equation to verify its correctness.