Question

Chris invested some money at a rate of 5% per year compound interest.
After 2 years the value of this investment is $286.65.
Calculate how much Chris invested.

Answer 1

Answer:

$260

Step-by-step explanation:

Invested amount= x

Interest rate= 5% compounded yearly

Time= 2 years

Sum= $286.65

• Sum= x*(1+5/100)²
• x*(1+5/100)²=286.65
• x*1.1025= 286.65
• x=286.65/1.1025
• x=$260

Answer: Invested amount is $260

Answer 2

invested amount = x

RATE OF INTEREST = 5%

TIME = 2 YEARS

FORMULA OF COMPOUND INTEREST

= P(1+r/100)^n

so here we have to find the invested amount means (P)

LETS TAKE (P) AS A (X)

= X(1+5/100)^2=286.65

X = 286.65/1.1025

x= 260

so chris invested $260 .