Maria has decided to invest to help with her retirement savings. How much would she have to invest to have $113,400 after 20 years, assuming an interest rate of 3.57% compounded annually? Do not round any intermediate computations, and round your final answer to the nearest dollar.

$56,226

Step-by-step explanation:

x = investment

Earning interest of 3.57% is the equivalent of multiplying the initial balance (investment) by 1.0357;

Over 20 years, the new balance can be found by multiplying the initial balance by (1.0357)²⁰;

We can formulate an equation to solve to get the initial investment:

x(1.0357)²⁰ = 113400

(2.01687752)x = 113400

x = ¹¹³⁴⁰⁰/₍₂.₀₁₆...₎

x = 56225.5263 → 56226

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step-by-step explanation:

you can add the two numbers and divide the result by 2. or you can find the gap between the two numbers and add half of this to the smaller number.