Problema Solution
Sheri invested in a mutual fund and at the end of 20 years she has $14,300 in her account. If the mutual fund returned an average yield of 8% how much did she originally invest
Answer provided by our tutors
We assume she originally invested x dollars
The equation is
x*(1+8%)^20 = 14300
So
x = 3068
So she originally invested $3,068.