Answer:
The initial investment was $7945.58.
Step-by-step explanation:
Use the compound interest formula: A = P(1 + r)^t
A is the ending amount, in this case 11,680.
P is the starting amount, which is unknown.
r is the interest rate in decimal form, in that case 8% is 0.08.
t is the time in years, in this case 5.
Substitute known values into the equation
A = P(1 + r)^t
11,680 = P(1.08)^5
11,680 = 1.47P
P = 11,680/1.47
P = 7945.58
The initial investment was $7945.58.
