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Ryan invests a sum of money in a saving account with a fixed annual interest rate of 4.31% compounded monthly. After 10 years, the balance reaches $12,835.94. What was the amoun…

Ryan invests a sum of money in a saving account with a fixed annual interest rate of 4.31% compounded monthly. After 10 years, the balance reaches $12,835.94. What was the amoun…
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ryan invests a sum of money in a saving account with a fixed annual interest rate of 4.31% compounded monthly. After 10 years, the balance reaches $12,835.94. What was the amount of the initial investment?

asked
User Alexander Zaytsev
by
8.4k points

2 Answers

7 votes
im pretty sure the answer is $55.32
answered
User Reza Amya
by
8.5k points
3 votes
7736
10yrs(12) = 120 months
P(1.0431)^12 = 12835.94
P = 7735.9977282067411400920632569128
answered
User Makhiel
by
8.3k points
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