#please people i need your help over this question#
How much should George be loaned by the bank that offers an interest of 23% if he returned an interest of sh 1,311,000 after 3 years?
The formula is A=P(1 + i)^n and you have the accumulated amount of 1,311,000 you do need to know the "compounding effect" if it is per year then n=3 and
A=P(1 + i)^n becomes
1311,000 = P(1 + .23)^3
1311000= P(1.23)^3
and you can now re-arrange and solve for P (the principal is what he would need to put away now.
Note: this is if the compounding is YEARLY... check your question : )