Kimi opened a savings account 10 years ago. The account earns 6% interest, compounded annually. If the current balance is 500.00, how much did she deposit initially?

Solution

Solution

Principal : 279.2

étapes des solutions

Translate the problem into an equation:

500 = P (1 + \frac{0.06}{1})^{1 \cdot 10}

Solutionner pour

P, 500 = P (1 + \frac{0.06}{1})^{1 \cdot 10} : P = 279.2

Principal : 279.2

Exemples populaires

If Matilda purchases the painting for 10000 dollars and assumes a growth rate of 5% pa calculate the value of the investment after 2 years using compound interest Jeriel is going to invest in an account paying an interest rate of 6.5% compounded continuously. How much would Jeriel need to invest, to the nearest cent, for the value of the account to reach 137,000 in 5 years?sum of three consecutive numbers are is 248 find the numbers four more than a number is is more than 13 A circular lake has a circonférence of 24 miles. To the nearest square mile, what is the area of the lake?