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Simplifying 3220 = P(1 + 0.03(5)) Multiply 0.03 * 5 3220 = P(1 + 0.15) Combine like terms: 1 + 0.15 = 1.15 3220 = P(1.15) Reorder the terms for easier multiplication: 3220 = 1.15P Solving 3220 = 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. 3220 + -1.15P = 1.15P + -1.15P Combine like terms: 1.15P + -1.15P = 0.00 3220 + -1.15P = 0.00 Add '-3220' to each side of the equation. 3220 + -3220 + -1.15P = 0.00 + -3220 Combine like terms: 3220 + -3220 = 0 0 + -1.15P = 0.00 + -3220 -1.15P = 0.00 + -3220 Combine like terms: 0.00 + -3220 = -3220 -1.15P = -3220 Divide each side by '-1.15'. P = 2800 Simplifying P = 2800
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