Question

Lauren is going to invest in an account paying an interest rate of 3.4% compounded
annually. How much would Lauren need to invest, to the nearest cent, for the value of
the account to reach $13,000 in 8 years?

Answer 1

The answer would be 7615.7
Suppose x needs to be invested
So x.(1+3.4%)^8=13000
X. 1.034^8=13000
X=13000
———-
1.034.8
X= 7615.7