Answer:
The amount of initial investment was $3,949.60.
Step-by-step explanation:
Since Jimmy invests a sum of money in a savings account with a fixed annual interest rate of 3% compounded 10 times per year, and after 10 years, the balance reaches $ 5,329, to determine what was the amount of initial investment, the following calculation has to be done:
X x (1 + 0.03 / 10) ^ 10x10 = 5,329
X x 1.003 ^ 100 = 5,329
X x 1.3492 = 5,329
X = 5,329 / 1.3492
X = 3,949.60
Therefore, the amount of initial investment was $3,949.60.
