How much did he originally invest?

Calculus
Tutor: None Selected Time limit: 1 Day

Jul 10th, 2015

Thank you for the opportunity to help you with your question!

The above question can be solved using the formula

A =P (1+r/n)^nt

where P= Principal amount

           r=rate of interest =6/100

           t = time in years

          n- number of months in a year

 ln A-ln P =nt ln(1+r/n)

 ln25628.15 -ln P =12*1 ln(1+6/1200)

                            =12*ln(1206/1200)

                     lnP=ln25628.15-12*ln(1206/1200)

                          =10.15 -0.05985

                          =10.09

                     P=24100

         

Please let me know if you need any clarification. I'm always happy to answer your questions.
Jul 10th, 2015

24100 is not the right answer

Jul 10th, 2015

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Jul 10th, 2015
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Jul 10th, 2015
Dec 8th, 2016
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