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Simplifying 16000 = p[1 + 0.05(3)] Multiply 0.05 * 3 16000 = p[1 + 0.15] Combine like terms: 1 + 0.15 = 1.15 16000 = p[1.15] Reorder the terms for easier multiplication: 16000 = 1.15p Solving 16000 = 1.15p Solving for variable 'p'. Move all terms containing p to the left, all other terms to the right. Add '-1.15p' to each side of the equation. 16000 + -1.15p = 1.15p + -1.15p Combine like terms: 1.15p + -1.15p = 0.00 16000 + -1.15p = 0.00 Add '-16000' to each side of the equation. 16000 + -16000 + -1.15p = 0.00 + -16000 Combine like terms: 16000 + -16000 = 0 0 + -1.15p = 0.00 + -16000 -1.15p = 0.00 + -16000 Combine like terms: 0.00 + -16000 = -16000 -1.15p = -16000 Divide each side by '-1.15'. p = 13913.04348 Simplifying p = 13913.04348
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