Determine the present value P that must be invested to have the future value A at simple interest rate r after time t. A = $5000.00, r = 9.5%, t = 6 months $ (Round up to the nearest cent as needed.)

 $6534.42

Step-by-step explanation:

Put the given values into the simple interest formula and solve for the remaining variable.

 A = P(1 +rt)

where P is the principal invested, r is the annual rate, and t is the number of years.

 $7000 = P(1 +0.095(9/12)) = 1.07125P

 $7000/1.07125 = P ≈ $6534.42

The value that must be invested is $6534.42.

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