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Tasya [4]
3 years ago
7

the shopkeeper received an interest of $6159 from an investment that offers compound interest at 3.5% p.a. after 10 years. What

is the initial investment amount? correct your answer to the nearest dollar.
Mathematics
1 answer:
Sati [7]3 years ago
8 0

Answer:

Amount invested = $15,000 (Approx.)

Step-by-step explanation:

Given:

Amount of interest received = $6,159

Rate of interest = 3.5%

Number of year = 10 year

Find;

Amount invested

Computation:

Using compound interest formula

I = P[(1+r)ⁿ - 1]

6,159 = Amount invested[(1+3.5%)¹⁰ - 1]  

6,159 = Amount invested[(1+0.035)¹⁰ - 1]  

6,159 = Amount invested[(1.035)¹⁰ - 1]  

Amount invested = $15,000 (Approx.)

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