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

$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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