Answer:
$15116.28
Step-by-step explanation:
Given data:
interest rate, r= 4%
time, t= 18 years
Final investment, A= $26000
Principle investment, P=?
As per the formula of interest
A= P (1+rt)
Putting the values:
26000= P(1+ 0.04(18))
P= 26000/(1+ 0.04(18))
P= 15116.28 !
