+0  
 
0
600
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cynthia invests some money in a bank which pays 5% compound interest each year. she wants it to be worth other $8000 at the end of 3 years. what is the smallst pound to the nearst $ can she invest?

MathsMia  Mar 13, 2017
 #1
avatar+87333 
+5

$8000 = A ( 1.05)^3   where  A is the amount we seek

 

Divide both sides by (1.05)^3

 

8000/(1.05)^3  ≈ $6910.70

 

 

cool cool cool

CPhill  Mar 13, 2017

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