Amount of an investment. The amount of an investment

Question

of P dollars for t years at simple interest rate r is given by
A � P � Prt.
a) Rewrite this formula by factoring out the greatest
common factor on the right-hand side.
b) Find A if $8300 is invested for 3 years at a simple
interest rate of 15%.

Answer 1

I am sure you meant to type

Amount = P + Prt
which becomes

a) Amount = P(1 + rt)

b) Amount = 8300)1+.15(3)) = 12 035