Question

Find the principal.
to get $800 after 3 1/2 years at 7% compounded monthly

Answer 1

`\bf \qquad \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \qquad \begin{cases} A=\textit{compounded amount}\to &800\\ P=\textit{original amount deposited}\\ r=rate\to 7\%\to (7)/(100)\to &0.07\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{monthly, meaning 12} \end{array}\to &12\\ t=years\to &3(1)/(2) \end{cases}`

solve for "P" to find the Principal