SOLUTION: An investment has grown to $89,000 over a 6-year period. The interest was computed daily and the rate was 7 3/8 % per year. What was the original investment?

Algebra ->  Finance -> SOLUTION: An investment has grown to $89,000 over a 6-year period. The interest was computed daily and the rate was 7 3/8 % per year. What was the original investment?       Log On


   

Question 313974: An investment has grown to $89,000 over a 6-year period. The interest was computed daily and the rate was 7 3/8 % per year. What was the original investment?


Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
X(1+.07375/365)^6*365=89,000
X(1+.000202)^2,190=89,000
X(1.000202)^2,190=89,000
X*1.556=89,000
X=89,000/1.556
X=$57,197.94 WAS THE ORIGINAL INVESTMENT.