Answer:
Amount invested = $15,000 (Approx.)
Step-by-step explanation:
Given:
Amount of interest received = $6,159
Rate of interest = 3.5%
Number of year = 10 year
Find;
Amount invested
Computation:
Using compound interest formula
I = P[(1+r)ⁿ - 1]
6,159 = Amount invested[(1+3.5%)¹⁰ - 1]
6,159 = Amount invested[(1+0.035)¹⁰ - 1]
6,159 = Amount invested[(1.035)¹⁰ - 1]
Amount invested = $15,000 (Approx.)
