What would be the necessary formulas to solve these finance equations, is there any particular reason those would get chosen over let's say a different formula.

Finance: Written Problem Set 1 Directions: 1. Solve the following problems. Hand write your solutions and explanations on your own paper. Do not write answers on this page. 2. Show your work AND explain your reasoning using complete English sentences. Explanations must directly follow the solution for each part of the problem. 3. You must write your name on the top right of the paper you turn in. 4. You must write the title of this problem set on the top of your paper. 5. Turn in your solutions following the directions in the assignment information on Canvas. 1. [2 pts] Find the present value of an investment that is worth $19,513.75 after earning 3% simple interest for 5 - years. 2. The table below shows the activity on the credit card statement of Miss Pepper Mills for the month of April. She started the month with a balance of $342.57. mount 04/05 Payment Payment $200.00 04/15 Charge Gas $26.37 04/22 Charge Macy's $105.42 04/25 Charge Starbuck's |$4.24 a. [4 pts] Find the average daily balance. b. [4 pts] If her card charges an 18.5% annual interest rate on her average daily balance, calculate Miss Pepper Mill's finance charge for the month of April. (Make sure to use the method -- formula 1 = Prt -- shown in the lecture video not the method shown in ALEKS.)