Answer: The amoun of the initial value was $1,289.
Step-by-step explanation:
1. To solve this problem you must apply the formula shown below:
[tex]A=Pe^{rt}[/tex]
Where:
- [tex]A[/tex] is the account balance ([tex]A=1,912.41[/tex]).
- [tex]P[/tex] is the principal.
- [tex]r[/tex] is the annual interest ([tex]r=0.0263[/tex]).
- [tex]t[/tex] is the time in years ([tex]t=15[/tex]).
- [tex]e[/tex]=2.7182
2. You must substitute the values into the formula and then you must solve for [tex]P[/tex], as following:
[tex]1,912.41=Pe^{(0.0263)(15)}\\1,912.41=1.48P\\P=\frac{1,912.41}{1.48}\\P=1,289[/tex]
