2. 外语
  3. If an amount P is to be invested at an annual interest rate of 3.5 percent, compounded annually, what should be the value of P s

If an amount P is to be invested at an annual interest rate of 3.5 percent, compounded annually, what should be the value of P s

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问题 If an amount P is to be invested at an annual interest rate of 3.5 percent, compounded annually, what should be the value of P so that the value of the investment is $1,000 at the end of 3 years?
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答案$901.94
解析 According to the formula for 3.5 percent annual interest, compounded annually, the value of the investment after 3 years is
P(1 + 0.035)3
and we set it to be equal to $1,000
P(l + 0.035)3 = $1,000
To find the value of P, we divide both sides of the equation by(1 + 0.035)3.
P =≈$901.94
Thus, an amount of approximately $901.94 should be invested.
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