SOLUTION: Todd currently has $5,000. What was the value of his money four years ago if he's earned
4 percent interest each year?
Algebra.Com
Question 733706: Todd currently has $5,000. What was the value of his money four years ago if he's earned
4 percent interest each year?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Todd currently has $5,000. What was the value of his money four years ago if he's earned
4 percent interest each year?
----
A(t) = P(1+rt)
----
5000 = P(1 + 0.04*4)
---
5000 = P(1.16)
P = 4310.34
=================
Cheers,
Stan H.
RELATED QUESTIONS
algebra.com a george monkey is in the process of negotiating his first contract. the... (answered by ikleyn)
A father is planning a savings program to put his daughter through college.
His daughter (answered by Theo)
Astro Boy won $22 000 at a weight lifting competition. He decided to invest his money
in (answered by Alan3354,greenestamps)
A man made a will in which he left 4/9 of his money to his wife and 2/5 of the remainder... (answered by math_tutor2020,greenestamps,MathTherapy)
A person wishes to deposit $5,000 per year in a savings account which earns interest of 8 (answered by ikleyn)
Sam saved his money until he had $10 000 to invest. He invested x dollars into a... (answered by Theo,MathTherapy,greenestamps)
Jane has $10 000 to invest. She invested part of it in a term deposit that pays 4% per... (answered by checkley71)
1. Wen Seng operates an ice cream shop. He is trying to decide whether to expand his... (answered by ikleyn)
Jessie is the beneficiary of a trust fund established for him 21 years ago at his birth.... (answered by ikleyn)