This mathematics problem involves applying core mathematical principles and formulas. Below you will find a complete step-by-step solution with detailed explanations for each step, helping you understand not just the answer but the method behind it.
ScanSolve AI Answer
Step 1: Identify the given values and the compound interest formula. The future value (A) is R30 000. The annual interest rate (i) is 13.5% or 0.135. The number of years (n) is 11. We need to find the principal amount (P) that was invested. The compound interest formula is: A = P(1 + i)^n Step 2: Substitute the given values into the formula. 30\,000 = P(1 + 0.135)^11 Step 3: Calculate the term (1 + 0.135)^11. 30\,000 = P(1.135)^11 30\,000 = P(4.168716...) Step 4: Solve for P. P = (30\,000)/(4.168716...) P ≈ 7200.00 The amount invested 11 years ago was R7 200.00. R7\,200.00 Send me the next one 📸