James wants to have earned $7,592 amount of interest in 16 years. Currently he finds that his
annual interest rate is 9.04%. Calculate how much money James needs to invest as his principal in
order to achieve this goal..
I=p.r.t
Solve for p
r = 8.63% or .0863
t = 24 years
I = $8613
Round answers to the nearest hundredth (two decimal places). The answer will not have a dollar
sign, and be rounded to the nearest cent.
I
