# Chapter 8 - Personal Finance - 8.3 Simple Interest - Exercise Set 8.3: 37

The present value $P$ that must be invested is $\$2654.87$#### Work Step by Step This is the formula we use when we make calculations with simple interest:$A = P~(1+rt)A$is the future value$P$is the present value$r$is the interest rate$t$is the number of years We can find the present value$P$that must be invested.$A = P~(1+rt)P = \frac{A}{1+rt}P = \frac{\$3000}{1+(0.065)(2)}$ $P = \$2654.87$The present value$P$that must be invested is$\$2654.87$

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