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?

asked Mar 21, 2024 111k views

1 vote

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5 votes

r = 0.02 per year

n = 4

t = 9

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

$P = \$1,503.00$

Batfan answered Mar 22, 2024

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3 votes

1500
Explanation: none

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