The amount she need to invest is $313.72
Emma is going to invest in an account paying an interest rate of 5. 5% compounded annually
For the value of the account to reach $480
Time period is 8 years
Amount = P(1 + r/n)^nt
When p stands for the principle amount invested, r is the rate of interest, t is the time period of investment
and n is the number of times the compounding takes place in a year.
480 = (1 + 5.5/100)^8
480 = P x 1.534
P = 313.72
Therefore, if the rate of interest is 5.5% and the the value of the account to reach $480 in 8 years then the amount she need to invest is $313.72
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