If an initial principal P is invested at an annual rater and

Last updated: 12/4/2023

If an initial principal P is invested at an annual rater and the interest is compounded n times per year the amount A in the account after t years is A P 1 1 On May 31 2009 the Annual Percentage Rate listed at Jeff s bank for regular savings accounts was 0 15 compounded monthly Use the equation above to answer the following a If P 2000 what is A 6 Round your answer to the nearest cent Ad b Using the principal from part a solve the equation A t 4000 for t Round your answer to two decimal places t c What principal P should be invested so that the account balance is 2000 in three years Round your answer to the nearest cent P