Math  /  Numbers & Operations

QuestionAn investment of $1,000\$ 1,000 was made for 3 years at 4%4 \% interest compounded annually. How much was the principal? \begin{tabular}{|l|l|l|} \hline Year & Total investment & Interest \\ \hline 1 & $1,000.00\$ 1,000.00 & $40.00\$ 40.00 \\ \hline 2 & $1,040.00\$ 1,040.00 & $41.60\$ 41.60 \\ \hline 3 & $1,081.60\$ 1,081.60 & $43.27\$ 43.27 \\ \hline & & Total interest =$124.87=\$ 124.87 \\ \hline \end{tabular} (A) 3 (B) $123.87\$ 123.87 (C) 4%4 \% (D) $1,000\$ 1,000

Studdy Solution
The initial principal, given in the problem, is $1000\$1000.
The correct answer is $1,000\$ 1,000, which corresponds to option (D).

View Full Solution - Free
Was this helpful?

Studdy solves anything!

banner

Start learning now

Download Studdy AI Tutor now. Learn with ease and get all help you need to be successful at school.

ParentsInfluencer programContactPolicyTerms
TwitterInstagramFacebookTikTokDiscord