SOLUTION: This is the correct question. When Dennis turns 18, his parents will give him money that they invested for him when he was born. They invested the money in a savings account tha

Question 1122963: This is the correct question. When Dennis turns 18, his parents will give him money that they invested for him when he was born. They invested the money in a savings account that had a interest rate of 7.2% compounded monthly. If they will give him $9101.31, how much did they initially invest?
Answer by josgarithmetic(39620) (Show Source): You can put this solution on YOUR website!
7.2% yearly interest means monthly interest.

18 years at 12 compounding periods per year means compounding periods from Dennis's birth to age 18.

p, the initial investment

Solve for p.
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