You invest money at 6% interest compounded annually for 3 years. If the future value of your investment is $1800, how much money did you invest? Show your work.

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asked Oct 13, 2021 192k views

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You invest money at 6% interest compounded annually for 3 years. If the future value of your investment is $1800, how much money did you invest? Show your work.

Mathematics
middle-school

Anthony Rivas asked

by Anthony Rivas

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1 Answer

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Answer:

Explanation:

FV = P(1+r)^t

1800 = P(1+0.06)^3

1800 = P(1.06)^3

P = 1800/(1.06)^3 = $1511

Rojj answered Oct 17, 2021

by Rojj

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