Answer:
$21,778.7
Step-by-step explanation:
The formula for a compound interest is;
A = p(1 + r/100)ⁿ
Where A ⇒ Amount accumulated over the years
r ⇒ rate per year
n ⇒ the number of years
∴ A = p(1 + r/100)ⁿ
32,000 = p(1 + 8/100)⁵
32,000 = p × 1.08⁵
p = 32,000/1.08⁵
= $21,778.66
Answer to the nearest tenth = $21,778.7
