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Naily [24]
3 years ago
7

Ralph invested in a mutual fund and at the end of 20 years he has $14,300 in his account. If the mutual fund returned an average

yield of 8%, how much did he originally invest?
Mathematics
1 answer:
Semenov [28]3 years ago
7 0

Answer:

\$5,500

Step-by-step explanation:

we know that

The simple interest formula is equal to

A=P(1+rt)

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest  

t is Number of Time Periods

in this problem we have

t=20\ years\\ P=?\\ A=\$14,300\\r=8\%=8/100=0.08

substitute in the formula above

14,300=P(1+0.08*20)

14,300=P(2.6)

P=14,300/(2.6)

P=\$5,500

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