Amelia is going to invest in an account paying an interest rate of 2.3% compounded quarterly. How much would Amelia need to invest, to the nearest hundred dollars, for the value of the account to reach $1,530 in 19 years?

Amelia needs to invest $989.57.

Step-by-step explanation:

The compound interest formula is given by:

Where A(t) is the amount of money after t years, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per year and t is the time in years for which the money is invested or borrowed.

Amelia is going to invest in an account paying an interest rate of 2.3% compounded quarterly.

This means that .

How much would Amelia need to invest, to the nearest hundred dollars, for the value of the account to reach $1,530 in 19 years?

We have to find P for which when . So

Amelia needs to invest $989.57.

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step-by-step explanation: