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Calculate how much would have had to be invested to have 8190.93 after three years if the investment paid a rate of 3.15% compounded weekly.

Solution

Calculate how much would have had to be invested to have 8190.93 after three years if the investment paid a rate of 3.15% compounded weekly.

Solution

Principal : 7452.55

Solution steps

Translate the problem into an equation:

8190.93 = P (1 + \frac{0.0315}{52})^{52 \cdot 3}

Solve for

P, 8190.93 = P (1 + \frac{0.0315}{52})^{52 \cdot 3} : P = 7452.55

Principal : 7452.55

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