Simplify. usa test prep ✓16 + ✓40
1 answer:
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Answer:
the amount of money Ian invested is P = £2,500
Step-by-step explanation:
The standard formula for compound interest is given as;
Where;
A = final amount/value
P = initial amount/value (principal)
r = rate yearly
n = number of times compounded yearly.
t = time of investment in years
For this case, Given that;
A = £2652.25
t = 2 years
n = 1 (semiannually)
r = 3% = 0.03
substituting the given values into equation 1;
P = £2,500
the amount of money Ian invested is P = £2,500