Donna has an investment that is now worth $779 483.88 Find the original amount she invested if she has had the money invested at 3.7% per annum compounded annually for 5 years without any withdrawals. Give your answer correct to 3 significant figures. Do not give the dollar sign with your answer.
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Step 1
The formula is: A = P(1 + r/n)^(nt) Where: A = the final amount (779,483.88 in this case) P = the principal amount (the original amount invested) r = the annual interest rate (3.7% or 0.037 as a decimal) n = the number of times interest is compounded per year Show more…
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