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?

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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) About Me  (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?
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A(t) = P(1+rt)
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5000 = P(1 + 0.04*4)
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5000 = P(1.16)
P = 4310.34
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Cheers,
Stan H.