Answer:
$595.34
Step-by-step explanation:
Step one
given data
interest rate of 2.5%= 0.025
final amount= $690
time = 6 years
Required
Principal P
Step two
The compound interest formula is
[tex]A= P(1+r)^t[/tex]
substitute
[tex]690=P(1+0.025)^6\\\\690=P(1.025)^6\\\\690=P1.159\\\\[/tex]
divide both sides by 1.159
P=690/1.159
P= $595.34
