Just invests an amount at 4% interest compounded annually after three years he has $1687.30 what was the original amount Jeff invested?

$1200
$1450
$1500
$750

Question

Just invests an amount at 4% interest compounded annually after three years he has $1687.30 what was the original amount Jeff invested? 

$1200
$1450
$1500
$750

anonymous · Answer

Okay just work backwards for this question.

At the end of 3 years - $1687.30
At the end of 2 years - (100 / 104) x $1687.30 = $1622.40 (to 2dp)
At the end of 1 year - (100 / 104) x $1622.40 = $1560
At the start - (100 / 104) x $1560 = $1500

anonymous · Answer

Thank you so much❤️