Question

10) To get $5600 after 3 years at 5% compounded annuallyF) $5079.37G) $8638.38H) $4837.49J) $762.51

Answer 1

$\begin{gathered} 5600=a(1+1.05)^3 \\ a\text{ is the starting amount } \\ a=\frac{5600}{(1+1.05)^3}=\text{ 4837.49} \end{gathered}$

For this problem we used the formula for compounded interest.