SOLUTION: A bank is offering a mutual fund with 10.3% average yearly growth rate. If the investment has been compounded annually and is now worth $9795.55, how much was the investment 5 year

Question 1131490: A bank is offering a mutual fund with 10.3% average yearly growth rate. If the investment has been compounded annually and is now worth $9795.55, how much was the investment 5 years ago?
Thank you
Found 2 solutions by addingup, MathTherapy:
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
P(1+0.103)^5 = $9,795.55
P * 1.633 = 9,795.55
P = $5,998.50 This was your principal, the original investment, 5 years ago

Answer by MathTherapy(10552) (Show Source): You can put this solution on YOUR website!

A bank is offering a mutual fund with 10.3% average yearly growth rate. If the investment has been compounded annually and is now worth $9795.55, how much was the investment 5 years ago?
Thank you

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