Respuesta :
The present p value which have to be invest in future is $7619.05 at simple interest rate r.
Simple Interest:
Simple interest (S.I) is a method of calculating the amount of interest on a specific amount of money.
The simple interest formula helps determine the amount of interest given a principal, interest rate, and term.
The formula for simple interest is:
SI = PTR/100
where SI = simple interest
P = principal
R = interest rate (percentage)
T = term (years)
For calculating total amount
Amount (A) = principal Book (P) + Interest (I)
where
Amount (A) is the total amount repaid at the end of the borrowed period.
The simple interest total amount formula can also be written as:
A = P(1 + RT)
where
A = Total amount after specified period
P = Principal or original loan amount
R = Interest rate (annual)
T = Time (annual )
According to the Question:
Simple interest: I = PTR ---------------------------- (1)
Future amount : A = p + I = p + PTR ------------------ (2)
Given that:
r = 10% = 0.1
t = 6 months = 0.5 year
A = future amount = 8000
Now,
8000 = p + p (. 1)(0.5)
⇒ 8000 = 1.05 p
⇒ p = 8000/1.05
⇒ p = $ 7,619.05
Now,
Putting the value of p in equation (2)
I = 7619.05 (0.1) (0.5 ) = 380.95
7619.05 + 380.90 = $8,000
Learn more about Simple Interest Rate:
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