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31 October, 15:08

You invest money at 6% interest compounded annually for 3 years. If the future value of your investment is $1800, how much money did you invest? Show your work.

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  1. 31 October, 18:00
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    Step-by-step explanation:

    FV = P (1+r) ^t

    1800 = P (1+0.06) ^3

    1800 = P (1.06) ^3

    P = 1800 / (1.06) ^3 = $1511
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