Jack earned $972 in 6 years on an investment at a 3% annual simple interest rate. How much was Jack's investment?$174.96$486$1944$5400show your work

For this problem, the numbers can be plugged back into the simple interest rate formula:

I = (P) (r) (t)

I is the interest

P is the principal/initial value

r is the interest rate

t is the time (in years)

-Jack's investment is the principal/initial value.

-The interest is rate is 0.03 (decimal form)

-The time in years is 6 years.

-Jack earned $972

Plug these values in and you get:

$972 = (P) (0.03) (6)

Now solve for P:

Multiply 0.03 and 6

$972 = (P) (0.18)

Divide both sides by 0.18

$972/0.18 = (P) / (0.18)

You would end up with

$5400 = P

So the answer is $5400