Answer
$P \approx \$5,172.41$
Work Step by Step
RECALL:
The formula for the future value
$A$ is: $A=P(1+rt)$
where
P= principal amount borrowed
r = interest rate per year
t = time in years
Divide $(1+rt)$ on both sides of the formula given above to obtain:
$\dfrac{A}{1+rt}=P$
Thus, the principal can be found using the formula above.
Use the formula above and the given values in the problem to obtain:
$P=\dfrac{\$6000}{1+8\% \cdot 2}
\\P=\dfrac{\$6000}{1+0.08 \cdot 2}
\\P=\dfrac{\$6000}{1+0.16}
\\P=\dfrac{\$6000}{1.16}
\\P=\$5,172.413793
\\P \approx \$5,172.41$
