Question

ryan invests a sum of money in a saving account with a fixed annual interest rate of 4.31% compounded monthly. After 10 years, the balance reaches $12,835.94. What was the amount of the initial investment?

Answer 1

im pretty sure the answer is $55.32

Answer 2

7736
10yrs(12) = 120 months
P(1.0431)^12 = 12835.94
P = 7735.9977282067411400920632569128