Answer:
[tex]P=\$9,174.31[/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 or present value
r is the rate of interest
t is Number of Time Periods
in this problem we have
[tex]t=6\ years\\ P=?\\ A=\$10,000\\r=1.5\%=1.5/100=0.015[/tex]
substitute in the formula above
[tex]10,000=P(1+0.015*6)[/tex]
solve for P
[tex]10,000=P(1.09)[/tex]
[tex]P=10,000/(1.09)[/tex]
[tex]P=\$9,174.31[/tex]
