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Math Help - Find the initial investment?

  1. #1
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    Question Find the initial investment?

    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.
    Last edited by ThePerfectHacker; July 10th 2006 at 12:16 PM.
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  2. #2
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    Greetings Kwtolley:

    I have but one word to utter in response to your work here today...Perfect!

    Enjoy,

    Rich B.
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  3. #3
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    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 : . A\;=\;P\left(1 + \frac{i}{n}\right)^{nt}

    Then: . P \;=\;\frac{2488.05}{\left(1 + \frac{0.10}{4}\right)^{12}} \;=\;1850.00422 \;\approx\;\$1850

    ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~

    It's hard to see your work from here . . .

    It looks like you played the J\heartsuit instead of the 7\clubsuit.

    Then you transposed to the key of F\sharp\text{ minor} instead of E\flat\text{ major}.

    Lucky for you, the two errors canceled out.

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  4. #4
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    Smile right answers

    So most of my answers from yesterday are right. or some are right. thanks fo looking at my answers.
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