An Amount P , Invested at a Simple Interest Rate

Multiple Choice

An amount P , invested at a simple interest rate r , will grow to an amount A in t years, according to the formula A = P ( 1 + r t ) . Suppose a man invested some money at 5.6%. If after 3 years, he had $6,424.00 on deposit, what amount did he originally invest? Round your answer to the nearest integer.

A) P = $5,350
B) P = $5,300
C) P = $5,500
D) P = $5,600