Answer:
The amount of $1000 principal is needed to have $3000 after 5 years.
Step-by-step explanation:
As the interest formula is
[tex]I=Prt[/tex]
Where
Substituting the following values in the interest formula and solve for P
I=$3000
r = 6% = 6/100 = [tex]0.06[/tex]
t = 5
so the equation becomes
[tex]I=Prt[/tex]
[tex]3000=P\left(0.06\right)\left(5\right)[/tex]
switch both sides
[tex]P\left(0.06\right)\left(5\right)=3000[/tex]
[tex]P\left(0.3\right)=3000[/tex]
[tex]P=10000[/tex] $
Therefore, the amount of $1000 principal is needed to have $3000 after 5 years.
