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An account earns 1.5% interest compounded annually. The balance after 2 years is $8241.80. What is the principal?

An account earns 1.5% interest compounded annually. The balance after 2 years is $8241.80. What is the principal?
asked 4.6k views
2 votes
An account earns 1.5% interest compounded annually. The balance after 2 years is $8241.80. What is the principal?

asked
User Patel Bhavin
by
8.8k points

1 Answer

1 vote
8241.80=P(1+0.015)^2
I am not sure what did the problem mean by the principal but I guess It could be the valie invested initially
so,P=$8000
answered
User MKumar
by
8.6k points
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