Given data:
The final amount is A=$1030.
The given time is t=16 year.
The given rate of interest is r=3.1%.
The expression for the amount is,
[tex]A=p(1+\frac{r}{100})^t[/tex]Substitute the given values in the above expression.
[tex]\begin{gathered} 1030=p(1+\frac{3.1}{100})^{16} \\ p=\frac{1030}{1.62981625} \\ =631.973 \\ \approx600 \end{gathered}[/tex]Thus, the amount need to invest is $600.
