Jensen W.

asked • 02/11/14

given P=$830, r=6%, and A=$2075 years, find t

I don't know how to find t. Also, just for future reference, how would I find the other letters as well? Thanks.

1 Expert Answer

By:

Kay G.

tutor
It appears I can't do a second answer, so I'll just add it as a comment. :-)
 
Solving for rate is a similar process.  Using my same set of numbers (with 6/12 as time), we would do:
 
206 = 200 [1 + (6/12)r]  
 
You start the same way by dividing both sides by 200 -->
1.03 = 1 + 6/12r
 
Subtract 1 from both sides -->
.03 = 6/12r
 
Normally at this point we'd divide both sides by 6/12 to isolate r.  That is the same thing as multiplying by 12/6.
 
.03 (12/6) = 6/12r (12/6) -->
 
.06 = r
 
If it's more comfortable, you can multiple both sides by 12 first to get rid of the fraction:
.03 (12) = (6/12)r (12) -->
.36 = 6r
Then divide both sides by 6 -->
.06 = r
 
Then remember to move the decimal place to the right two places to turn it back into percent form, to get 6% as the final answer.
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02/11/14

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