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Sindrei [870]
3 years ago
11

PLEASE ANSWER!!!!! After five years of earning interest at an annual rate of 3%, an investment has earned $950 in interest. To t

he nearest whole dollar, determine the amount of the initial investment. Show all work for full credit.
Mathematics
1 answer:
kvv77 [185]3 years ago
8 0
Problem
After five years of earning interest at an annual rate of 3%, an investment has earned $950 in interest. To the nearest whole dollar, determine the amount of the initial investment.

Result

The initial investment was $6,333.

Solution
P = I/ i · t
P = 950/ 0.03 · 5
P = 6,333.333
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