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Amira is going to invest in an account paying an interest rate of 2.1% compounded quarterly. How much would Amira need to invest, to the nearest ten dollars, for the value of the account to reach 880 in 9 years?

Solution

Solution

Principal : 728.81

Solution steps

Translate the problem into an equation:

880 = P (1 + \frac{0.021}{4})^{4 \cdot 9}

Solve for

P, 880 = P (1 + \frac{0.021}{4})^{4 \cdot 9} : P = 728.81

Principal : 728.81

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