Question

Skylar is going to invest in an account paying an interest rate of 3.5% compounded daily. How much would Skylar need to invest, to the nearest hundred dollars, for the value of the account to reach $670 in 10 years?

Answer 1

500

Explanation:

its on delta math

Answer 2

$475.17

Explanation:

Step one:

given data

rate= 3.5% = 0.035

final amount A= $670

time= 10 years

Required

The principal invest P

Step two:

A= P(1+r)^t

substitute

`670=P(1+0.035)^1^0\\\\670=P(1.035)^1^0\\\\670=P*1.41`

divide by 1.41

`P= 670/1.41\\\\P=475.17`

The invested principal is $475.17