Explanation:
We will use the compound interst formula below
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]
Where,
[tex]\begin{gathered} A=71200 \\ r=\frac{6.41}{100}=0.0641 \\ t=2\frac{9}{12}=2.75years \end{gathered}[/tex]
By substituting the values, we will have
[tex]\begin{gathered} A=P(1+\frac{r}{n})^{nt} \\ 71200=P(1+0.0641)^{2.75} \\ 71200=P(1.0641)^{2.75} \\ P=\frac{71200}{(1.0641)^{2.75}} \\ P=60.017.55 \end{gathered}[/tex]
Hence,
The final answer is
[tex]\text{ \$}60.017.55[/tex]
