Question: That's incorrect. Use the compound interest formula, where A is accumulated balance after Y years P is starting principal, APR is annual percentage rate (as

That's incorrect. Use the compound interest formula, where A is accumulated balance after Y years P is starting principal, APR is annual percentage rate (as a decimal), n is number of compounding periods per year, and Y is number of years, Substitute the amounts given and solve for P. the amount that must be invested.. APR (nY) A =P 1 +

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