How much was invested if the future value of the investment is $7,083.34 and the interest was at 4% compounded quarterly for a period of 3.5 years?
Question
Solution 1
To find out how much was invested, we need to use the formula for the future value of a compound interest investment, which is:
FV = PV * (1 + r/n)^(nt)
Where: FV = Future Value PV = Present Value (the initial amount of money) r = annual interest rate (in decimal form) n = number of times that int Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
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