15=5-(c+7) solve the equation
1 answer:
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Answer:
$5499
Step-by-step explanation:
The interest of $100 for 1 year is $7.30.
So, the interest for $100 for 4 months is 7.30/4 =$1.825.
Now, there are (6×4) =24 quarters in 6 years.
If the sum of money invested is $x, then it will grow up to $8487.70 at a rate of 1.825% interest quarterly after 6 years.
Therefore, we can write
⇒ x[1.5435] =8487.70
⇒ x = 5499
Therefore, the amount of initial investment is $5499. (Answer)