Captinblack invested some money at 10% compounded quarterly at the end of three years his investmenthad grown to $2488.05. Find the initial investment. My answer is $1850.00 thanks for checking.
Captinblack invested some money at 10% compounded quarterly at the end of three years his investmenthad grown to $2488.05. Find the initial investment. My answer is $1850.00 thanks for checking.
Hello, kwtolley!
Captain Blackbeard invested some money at 10% compounded quarterly.
At the end of three years his investmenthad grown to $2488.05.
Find the initial investment.
My answer is $1850.00
I assume you used a variation of : .$\displaystyle A\;=\;P\left(1 + \frac{i}{n}\right)^{nt}$
Then: .$\displaystyle P \;=\;\frac{2488.05}{\left(1 + \frac{0.10}{4}\right)^{12}} \;=\;1850.00422 \;\approx\;\$1850$
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It's hard to see your work from here . . .
It looks like you played the $\displaystyle J\heartsuit$ instead of the $\displaystyle 7\clubsuit$.
Then you transposed to the key of $\displaystyle F\sharp\text{ minor}$ instead of $\displaystyle E\flat\text{ major}$.
Lucky for you, the two errors canceled out.