Amount , A= $3500
Time , t= 3 years
rate , r= 5.3% = 0.053
Compounded annually , n= 1
The formula we use here is
[tex] A=P(1+\frac{r}{n})^{nt} [/tex]
Now let's plug the values
[tex] 3500=P(1+\frac{0.053}{1})^{1(10)} [/tex]
[tex] 3500= P(1.053)^{10} [/tex]
[tex] 3500 = P (1.67603742459) [/tex]
Divide both sides by 1.67603742459
We get
P = $2088.258859
It means started with approx $2088.26
