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Work Shown:
A = 1110 = final amount
r = 0.037 = decimal form of the interest rate
n = 1 = compounding frequency (annual)
t = 13 = time in years
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A = P(1+r/n)^(n*t)
1110 = P(1+0.037/1)^(1*13)
1110 = P(1.60370259909214)
1.60370259909214P = 1110
P = 1110/1.60370259909214
P = 692.14828274792
P = 692.15 ....... rounding to the nearest cent
P = 700 .... rounding to the nearest hundred dollars
