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And investment is gaining money at a rate of 8% per year and has a value of $10,500. Find the value of the investment 10 years ago. Round your answer to the nearest dollar.
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And investment is gaining money at a rate of 8% per year and has a value of $10,500. Find the value of the investment 10 years ago. Round your answer to the nearest dollar.

User Aneon
by
7.6k points

1 Answer

4 votes

Answer:

  • $1167

Explanation:

Given

  • Initial value = x
  • Interest rate = 8% = 0.08
  • Time = 10 years
  • Final amount = $10500

At simple rate

  • x + x*0.08*10 = 10500
  • x + 8x = 10500
  • 9x = 10500
  • x = 10500/9
  • x = 1166.66
  • x = 1167 rounded to the nearest dollar
User Lachezar
by
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