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4 April, 01:57

Jeff invests an amount at 4% interest compounded annually. After 3 year he has 1687.30, What was the original amount jeff invested?

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  1. 4 April, 02:23
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    A = P (1+r/n) ^ (nt)

    1,687.30 = P (1 + 0.04/1) ^3

    1,687.30 = P (1.124864)

    P = 1687.30 / 1.124864

    P = 1500

    answer: $1500 was the original amount jeff invested
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