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26 March, 23:06

find the present value of an investment that is worth $19,513.75 after earning 3percent simple interest for 5.5 years

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  1. 27 March, 02:26
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    present value = $16750

    Step-by-step explanation:

    The simple interest formula allows us to calculate A, which is the final amount. According to this formula, the amount is given by A = P (1 + r*t), where P is the principal, r is the annual interest rate in decimal form, and t is the loan period expressed in years

    simple interest formula:

    t: time

    P: present value

    A: amount

    r : anual interest

    A = P (1 + r*t)

    P = A / (1 + r*t)

    P = 19,513.75 / (1 + 3/100 * 5.5)

    P = 19,513.75 / (1 + 0.165)

    P = 19,513.75 / 1.165

    P = 16750

    present value = $16750
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