Answer each part of the constructed response question. Make sure to clearly label your answer for each part and show all your work. Simple Interest formula: I = Prt where Interest earned (I) is equal to principal amount invested (P) times the interest rate (r) times the amount of time invested (t). How much did Michael invest if he earned $4,800 in interest over 6 years at 8%? Part A: Rearrange the formula for P. Part B: Use the formula from Part A to find Michael's principal investment amount (P).
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Answer each part of the constructed response question. Make sure to clearly label your answer for each part and show all your work.
Simple Interest formula: I = Prt
where Interest earned (I) is equal to principal amount invested (P) times the interest rate (r) times the amount of time invested (t).
How much did Michael invest if he earned $4,800 in interest over 6 years at 8%?
Part A: Rearrange the formula for P.
Part B: Use the formula from Part A to find Michael's principal investment amount (P).
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