SOLUTION: Please help How much must be invested at 16% per annum, if interest is compounded quarterly to yield 1000 on two and half years?

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Question 1193576: Please help
How much must be invested at 16% per annum, if interest is compounded quarterly to yield 1000 on two and half years?
Answer by math_tutor2020(3816) About Me  (Show Source):
You can put this solution on YOUR website!

Answer: $675.56

Work Shown:
A = P*(1+r/n)^(n*t)
1000 = P*(1+0.16/4)^(4*2.5)
1000 = P*1.48024428491834
P = 1000/1.48024428491834
P = 675.5641688258
P = 675.56