Jeff invests an amount at 4% interest compounded annually. After 3 year he has 1687.30, What was the original amount jeff invest

Question

Olegator [25]

2 years ago

8

Jeff invests an amount at 4% interest compounded annually. After 3 year he has 1687.30, What was the original amount jeff invest

ed?

Mathematics

1 answer:

Firlakuza [10] · Answer 1 · 2022-03-24T03:39:37+03:00

Firlakuza [10]2 years ago

7 0

A = P(1+r/n)^<span>(nt)
1,687.30 = P (1+ 0.04/1)^3
1,687.30 = P (1.124864)
P = 1687.30 / </span>1.124864
P = 1500
answer: $1500 <span>was the original amount jeff invested</span>