Answer:
P=21,700
Explanation:
The principal amount can be obtained using the formula below
A = P(1 +r)^n
where
A = Amount 53,730
P= principal amount..?
r= interest rate = 12%
N = number of periods, eight period
53,730 = P( 1+ 12/100)^8
53,730 = P(1.12)^8
53,730 =p2.4759631
P=53,730 /2.476
P=21,700
