Answer:
$8553.87
Step-by-step explanation:
Formula = Initial amount x (1+(%/100) squared by (t) years or time.
7600 x 1.03^4 =8553.86696 = $8553.87 nearest penny rounded up.
To reverse such amount if given percentage (%) time (t) and (nv) new value to question. We realise it has asked the opposite in asking to find the initial investment it may say what Did Dan initially or originally invest? we would divide new amount by (1+) (%/100)^(t) and percentage and show like this;
8553.87 / 1.03^4= 7600.0027 = $7200 for initial investment.
However the question asks for total new value of investment after 4 years.
So the first formula is shown and shows answer to be $8553.87
