4 years ago, Chelsea invested some money in an account paying 6.5% p.a. interest compounded quarterly. There is currently $6212.27 in the account. How much did Chelsea invest originally? For how long must I invest £4000 at 8% p.a. compounded monthly if it is to amount to £10000?
Added by Thomas S.
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We know the current amount in the account is $6212.27, the interest rate is 6.5% per year compounded quarterly, and we want to find the initial investment (P) and the number of years (t) ago. The formula for compound interest is: $A = P(1 + Show more…
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