Question

Michael invest $P at a rate of 3.8% per year compounded interest. After 30 years the value of this investment is $1,469. Calculate the value of P.​

Answer 1

Answer:

Step-by-step explanation:

The formula for this is

$A(t)=P(1+r)^t$ and we have everything but the P. Filling in:

$1469=P(1+.038)^{30$ and

$1469=P(1.038)^{30$ and

1469 = P(3.061403718) so

P = 479.85