Answer :
Answer:
4,329
Step-by-step explanation:
The computation of the amount invested is shown below:
As we know that
Present value = Future value ÷ (1 + interest rate)^years
= 6600 ÷ (1 + 0.088)^5
= 6600 ÷ 1.088^5
= 4,329
Answer:
4,329
Step-by-step explanation:
The computation of the amount invested is shown below:
As we know that
Present value = Future value ÷ (1 + interest rate)^years
= 6600 ÷ (1 + 0.088)^5
= 6600 ÷ 1.088^5
= 4,329