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OpenStudy (anonymous):
you invest an amount of money in a mutual fund. after four years, the balance of your account is $1669.34. assuming the interest rate is 7.5% and compounded annually, what is the initial amount you invested?
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jimthompson5910 (jim_thompson5910):
A = P(1+r/n)^(n*t) 1669.34 = x(1+0.075/1)^(1*4) solve for x
OpenStudy (anonymous):
is it 1250?
jimthompson5910 (jim_thompson5910):
yep, you got it
OpenStudy (anonymous):
thanks!
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