The formula for the future value V (in dollars) of an investment earning simple interest is V=p+prt, where p (in dollars) is the principal, r is the annual interest rate (in decimal form) and tt is the time (in years).
a. Solve the formula for p.
p=
b. An investment earns 8% simple interest. What amount of principal is needed to have $6000 after 7 years? Round your answer to the nearest cent.
Amount of principal: $
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