Melanie earned $1430 on an investment she held for 8 months at 7.9% p.a. What was the principal amount that she invested? What was the maturity value of the investment at the end of the investment period? Show your calculations and fully explain your answer.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 65SE: Jamal wants to save 54,000 for a down paymenton a home. How much will he need to invest in anaccount...
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Melanie earned $1430 on an investment she held for 8 months at 7.9% p.a.
What was the principal amount that she invested? What was the maturity
value of the investment at the end of the investment period?
Show your calculations and fully explain your answer.
Transcribed Image Text:Melanie earned $1430 on an investment she held for 8 months at 7.9% p.a. What was the principal amount that she invested? What was the maturity value of the investment at the end of the investment period? Show your calculations and fully explain your answer.
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