Todd currently has $5,000. what was the value of his money four years ago if he's earned 4 percent interest each year? $4,274.02
$4,113.51 $4,109.64
2 answers:
Answer: $4,274.02
Step-by-step explanation:
Given: The amount Todd has currently (P) = $5,000
The rate of interest (r) = 4%=0.04
Let the amount of money he has four years ago be x.
The formula to calculate compound amount after x years is given by :-

Hence, the amount of money he has four years ago = $4,274.02
A=p(1+r)^t
5000=p(1+0.04)^4
P=5,000÷1.04^(4)
P=4,274.02
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