Math, asked by heijsk1, 17 days ago

Eric invests an amount in a bank that pays compound interest at a rate of 2.16% per year.At the end of 5 years, the value of his investment is $6999.31.Calculate the amount Eric invests.

Answers

Answered by amitnrw
5

Given :  Eric invests an amount in a bank that pays compound interest at a rate of 2.16% per year.

At the end of 5 years, the value of his investment is $6999.31.

To Find :  Calculate the amount Eric invests.

Solution:

Let say  the amount Eric invests = P $

Rate of interest =  2.16 % per year

Time n = 5 years

Amount A = $6999.31

A = P(1 + R/100)ⁿ

=> 6999.31 = P (1  + 2.16/100)⁵

=> P = 6290

Hence amount of investment = $ 6290

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