Mathematics, 03.12.2020 07:40 nickthequick

A financial instrument pays 8% simple interest per year (based on the purchase value) and matures after 3 years. The instrument can be purchased at any price. An investor purchases the instrument for P dollars, and calculated that the total value of the investment (i. e. P plus interest earned) will be $2,000 at maturity. Calculate P. Round your answer to the nearest cent. Do NOT round until you have calculated your final answer.

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A financial instrument pays 8% simple interest per year (based on the purchase value) and matures af...

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