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Simplifying 1600 = p(1 + 0.06) Combine like terms: 1 + 0.06 = 1.06 1600 = p(1.06) Reorder the terms for easier multiplication: 1600 = 1.06p Solving 1600 = 1.06p Solving for variable 'p'. Move all terms containing p to the left, all other terms to the right. Add '-1.06p' to each side of the equation. 1600 + -1.06p = 1.06p + -1.06p Combine like terms: 1.06p + -1.06p = 0.00 1600 + -1.06p = 0.00 Add '-1600' to each side of the equation. 1600 + -1600 + -1.06p = 0.00 + -1600 Combine like terms: 1600 + -1600 = 0 0 + -1.06p = 0.00 + -1600 -1.06p = 0.00 + -1600 Combine like terms: 0.00 + -1600 = -1600 -1.06p = -1600 Divide each side by '-1.06'. p = 1509.433962 Simplifying p = 1509.433962
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