00:01
So in this problem, you have an investment that was made five years ago.
00:05
The interest rate is 3 % compounded quarterly.
00:09
The given value or the current value is shown as $27 ,289 .33.
00:17
And what we're looking for is the amount invested or the p.
00:22
All right.
00:23
So we have a current value.
00:27
That is going to be the a.
00:28
All right, so we'll substitute that in as 27 ,289 .33.
00:45
Whoops, let's back that up for a second.
00:49
And that's going to equal the principle, which is what we're looking for.
00:55
The amount invested is what we're looking for as the p.
01:06
Our interest rate is 3%...