SOLUTION: How much should be invested at 8% compounded semiannually in order to have $5000 at the end of 8 years.

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Question 147795: How much should be invested at 8% compounded semiannually in order to have $5000 at the end of 8 years.
Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
X(1+.08)^8=5000
X(1.08)^8=5000
1.85X=5000
X=5000/1.85
X=$2,702.70 IS THE AMOUNT INVESTED.