A financial instrument pays 8% simple interest (based on the purchase value) and matures after 3 years.

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A financial instrument pays 8% simple interest (based on the purchase value) and matures after 3 years. The instrument can be purchased at any price. An investor purchases the instrument for P dollars, and calculated that the total value of the investment (i.e. P plus interest earned) will be $2,000 at maturity. Calculate P. Round your answer to the nearest cent. Do NOT round until you have calculated your final

Posted Date: Jul 03, 2024 10:23 PM

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A financial instrument pays 8% simple interest (based on the purchase value) and matures after 3 years.

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