Go backwards. , where F is the final amount.
Substitute the known values into the equation and try to solve for the unknown.
I have this other piece of practice work that I don't understand.
The method I do understand is for calculating the final amount:
The amount to start with is 21 860
The interest is 8.5 %
The years are 7
I know that you must do:
What I'm stuck on is:
Final amount is 8 775
Interest is 7%
Years are 5
CALCULATE THE AMOUNT YOU STARTED WITH.
What would I do?