2 years ago

GRADE 11 MATH

Mathematics

1 answer:

Romashka-Z-Leto [24]2 years ago

4 0

The amount that was invested 17 years ago is $2064.25.

The interest earned is $7935.75.

<h3>What is the amount invested 17 years ago?</h3>

The formula that would used to determine the amount that was invested 17 years ago is:

P = FV / (1 + r)^nm

Where:

FV = Future value = 10,000
P = Present value
R = interest rate = 9.5 / 2 = 4.75%
m = number of compounding = 2
N = number of years = 17

10,000 / (1.0475)^(17 x 2) = $2064.25

Interest earned = 10,000 - 2064.25 = $7935.75

To learn more about future value, please check: brainly.com/question/18760477

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