The initial value of the investment in the given function is 1500.
What is compound interest?
Interest on interest, or compound interest, is the adding of interest to the principal sum of a loan or deposit. It's the outcome of reinvesting interest rather than paying it out so that interest is received on the principal plus previously collected interest in the next quarter.,
[tex]A = P(1+ \dfrac{r}{n})^{nt}[/tex]
where A is the final amount
P is the principal amount
r is the rate of interest
n is the number of times interest is charged in a year
t is the number of years
Given that the future value, [tex]F(t) = 1,500(1.045)^t,[/tex] of an investment after t years is given by the function defined above. Therefore, the initial value of the investment in the given function is 1500.
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