Use the compound interest formula to solve this question. The formula is A=p (1+r/k)^kt A future value 3000 P amount deposited? R interest rate 0.04 K compounded 4 times T time 5years Solve the formula for p P=A÷(1+r/k)^kt P=3,000÷(1+0.04÷4)^(4×5) p=2,458.63
