Question

Ndiba invests a sum of money in a savings

account with a fixed annual interest rate of
4.61% compounded 3 times per year. After
6 years, the balance reaches $5,485.85.
What was the amount of the initial
investment?

Answer 1

Answer as a step-by-step explanation:

Use the given functions to set up and simplify

485.85

4.61%

0.04613 = 0.0461 year = 0.0461

6 years = 0.04615 = 0.0461

485.85

=

0.0461