Question

Bob has money in an investment with 2% that compounds 4 times a year. After 9 years, he has $1798.61. What was the principal investment?​

Answer 1

r = 0.02 per year

n = 4

t = 9

`P = (A)/((1+(r)/(n))^(nt) ) = (1,798.61)/((1+(0.02)/(4))^((4)(9)) ) = (1,798.61)/((1+0.005)^((36)) ) \\`

`P = \$1,503.00`

Answer 2

1500
Explanation: none