Answer: [tex]\$2297.47[/tex]
Step-by-step explanation:
Given
Rate of interest [tex]r=4.5\%[/tex]
time period [tex]t=10\ year[/tex]
Amount [tex]A=\$3567.91[/tex]
Amount in compound interest is given by
[tex]\Rightarrow A=P[1+r\%]^t[/tex]
where, [tex]P=\text{Principal}[/tex]
Insert the values
[tex]\Rightarrow 3567.91=P[1+0.045]^{10}\\\\\Rightarrow P=\dfrac{3567.91}{1.5529}\\\\\Rightarrow P=\$2297.47[/tex]
So, Praise starts with [tex]\$2297.47[/tex]
