A business has a savings account that earns a 3% annual interest rate. At the end of 1996, the business had $4,000 in the account. The formula F= p(1 + r/100)t is used to determine the amount in the savings account.
F is the final amount,
p is the initial investment amount,
r is the annual interest rate, and
t is the time in years.
To the nearest dollar, how much did the business initially invest in 1991?