A solid waste disposal company borrowed money at 10 per year

A solid waste disposal company borrowed money at 10% per year interest to purchase new haulers and other equipment needed at the company owned landfill site. If the company got the loan 2 years ago and paid and it off with a signal payment of $4,600,000, what was the principal amount P of the loan?

Using compound interest formula using annual compounding frequency we get

4600000=P(1+10/100)^2