Question 7 (2 points) You have found an investment at the bank that pays $2.4 \%$ interest per year for 10 years. How much should you invest now so that you have $\$ 2000$ at the end of the 10 years?

Step 1 ：Given that the amount of money accumulated after 10 years, including interest (A) is $2000, the annual interest rate (r) is 2.4% or 0.024 in decimal, the number of times that interest is compounded per year (n) is 1, and the time the money is invested for in years (t) is 10 years.

Step 2 ：We want to find the principal amount (P), which is the initial amount of money to be invested. We can use the formula for compound interest, rearranged to solve for P: \(P = \frac{A}{(1 + \frac{r}{n})^{nt}}\)

Step 3 ：Substituting the given values into the formula, we get: \(P = \frac{2000}{(1 + \frac{0.024}{1})^{1*10}}\)

Step 4 ：Calculating the above expression, we find that \(P \approx 1577.72\)

Step 5 ：Final Answer: You should invest approximately \(\boxed{1577.72}\) now to have $2000 at the end of the 10 years.