## Elementary Algebra

P = 4166.67 $\approx$ 4167 dollars.
The interest formula is: I = P $\times$ r $\times$ t. To find the principal, or P, we divide I by r $\times$ t. So, P = $\frac{I}{r\ \times\ t}$ r = 8% = 0.08 t = 3 I = 1000 Substitute these values in the formula to obtain: P = $\frac{1000}{0.08\ \times\ 3}$ P = $\frac{1000}{0.24}$ P = 4166.67 $\approx$ 4167 dollars.