Question 161908
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Remember: {{{A=P(1+i/m)^mn}}}
Where-----{{{system(A=FutureAmount,P=PrincipalAmount,i=interest,m=Number of TimesCompundedPerYear,n=years)}}}
Continuing,
{{{2500=P(1+0.07/1)^(12*1)}}}
{{{2500=P(2.252)}}}
{{{cross(2500)1110.03/cross(2.252)=P*cross(2.252)/cross(2.252)}}}
{{{P=1110.03}}} ANSWER (c)
Thank you,
Jojo</pre>