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

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> 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      Log On


   

Question 1122962: 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(39626) About Me  (Show Source):
You can put this solution on YOUR website!
7.2% compounded monthly
p, initial investment

p%2A%281%2B0.072%2F12%29%5E%2818%2A12%29=9101.31


p=2500