Register

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…
asked 188k views
4 votes
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
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
Write words to match the expression. 24- ( 6+3)
Link Copied!