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Michael invest $P at a rate of 3.8% per year compounded interest. After 30 years the value of this investment is $1,469. Calculate the value of P.​

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Luv2Teach

Answer:

Step-by-step explanation:

The formula for this is

[tex]A(t)=P(1+r)^t[/tex] and we have everything but the P. Filling in:

[tex]1469=P(1+.038)^{30[/tex] and

[tex]1469=P(1.038)^{30[/tex] and

1469 = P(3.061403718) so

P = 479.85

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