SOLUTION: How much money would one invest at a yearly rate of 3.4% compounded annually such that after 10 years the value of the investment is $3500?

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Question 130851: How much money would one invest at a yearly rate of 3.4% compounded annually such that after 10 years the value of the investment is $3500?
Answer by mathispowerful(115) About Me  (Show Source):
You can put this solution on YOUR website!
The formula to calculate the total amount is

A = P%2A%281%2BR%29%5En

Plug in numbers:
3500 = P*(1+3.4%)^10
P=3500%2F%281.034%29%5E10
P=3500%2F1.397
P=2505.37