A financial instrument pays 8% simple interest (based on the purchase value) and lasts for 3 years. The instrument can be purchased at any price. An investor purchases the instrument for P0, and has calculated that the total value of the investment (i. e. P0 plus interest earned) will be $2,000 at maturity. Calculate P0, giving your answer to the nearest cent.
Give your answer in dollars and cents to the nearest cent. Do not include commas or the dollar sign in your answer. For example, the solution $1,234.56 would be written as 1234.56.