Answer:
[tex]\$13,013.17[/tex]
Step-by-step explanation:
we know that
The simple interest formula is equal to
[tex]A=P(1+rt)[/tex]
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
[tex]t=10/12\ years\\ P=?\\ A=\$14,000\\r=0.091[/tex]
substitute in the formula above
[tex]\$14,000=P(1+0.091*(10/12))[/tex]
[tex]P=\$14,000/(1+0.091*(10/12))[/tex]
[tex]P=\$13,013.17[/tex]
