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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.
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Jun 9, 2021
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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.
Mathematics
high-school
Aneon
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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
Lachezar
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Jun 15, 2021
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Lachezar
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