Question: First substitute the given values into the formula obtained from the inside- back cover. Then manipulate the resulting equation to solve for the unknown variable.

First substitute the given values into the formula obtained from the inside- back cover. Then manipulate the resulting equation to solve for the unknown variable. Obtain dollar amounts accurate to the nearest cent and other quantities to three-figure accuracy.
Use formula (6-1) to calculate P if r = 0.05, I = $6.25, and t = 0.25.

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