We need to use the next simple interest formula:
[tex]A=P(1+rt)[/tex]Where
P= Present value
r= annual interest rate in decimal form
T=time in years
A=amount after time
Hence, we have that
A= S1,737
r=2.802%/100=0.02802
t=50/360
P=?
Replacing on the given formula:
[tex]\begin{gathered} 1,737=P(1+0.02802\cdot\frac{50}{360}) \\ P=\frac{1,737}{1+0.02802\cdot\frac{50}{360}} \\ P=1730.27 \end{gathered}[/tex]Hence, the purchase price is $1730.27
