An amount P, invested at a simple interest rate r, will grow to an amount A in t years, according to the formula A = P ( 1 + r t ). Suppose a man invested some money at 5.6%. If after 3 years, he had $6,424.00 on deposit, what amount did he originally invest? Round your answer to the nearest integer.
A. P = $5,350
B. P = $5,300
C. P = $5,500
D. P = $5,600
Answer: C
Mathematics
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