Amanda invests a sum of money in a retirement account with a fixed annual interest rate of 7% compounded continuously. After 19 years, the balance reaches $31,446.94. What was the amount of the initial investment?

The amount of initial investment is $8695.34

Explanation:

The amount initially invested by calculated using the Present Value formula given below:

PV=FV/(1+r)^n

FV=future value of investment=$31,446.94

r=rate of return=7%

n=number of years =19 years

PV=$31446.94/(1+0.07)^19

PV=$8695.34

The reason amount invested has increased significantly was that the principal is reinvested alongside interest ,which means interest was earned from two streams , interest from the initial principal and interest on the interest.In essence,the power of compound interest is illustrated here

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