At a little-known vacation spot, taxi fares are a bargain. A 16-mile taxi ride takes 18 minutes and costs $14.40. You want t
1 answer:
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we know that
The simple interest formula is equal to
where
P is the Principal amount of money to be invested
I is the amount of money in interest
r is the rate of interest
t is Number of Time Periods
in this problem we have
substitute in the formula above and solve for P
therefore
<u>the answer is</u>