A business has a savings account that earns a 3% annual interest rate. At the end of 1996, the business

A business has a savings account that earns a 3% annual interest rate. At the end of 1996, the business had $4,000 in the account. The

formula F = P(1 + r/100) t is used to determine the amount in the savings account.
Fis the final amount
p is the initial investment amount,
• r is the annual interest rate, and
• t is the time in years.
To the nearest dollar, how much did the business initially invest in 1991?

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