Asked by Renee

Patrick invests a sum of money for 2.5 years at 12% p.a. compounded monthly. If he earns $11305 after 2.5 years, how much is his investment?
Answered by Reiny
let the investment be P

P(1.01)^30 = 11305
P = 11305/1.01^30 = 8387.44
Answered by Anonymous
50000
Answered by Anonymous
32500
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