Register

Marco opened a savings account 10years ago. The account earns 5% interest,compounded annually. If the current balance is $400, how much did he deposit initially? Round your answ…

Marco opened a savings account 10years ago. The account earns 5% interest,compounded annually. If the current balance is $400, how much did he deposit initially? Round your answ…
asked 138k views
3 votes
Marco opened a savings account 10years ago. The account earns 5% interest,compounded annually. If the current balance is $400, how much did he deposit initially? Round your answer to the nearest cent.

Marco opened a savings account 10years ago. The account earns 5% interest,compounded-example-1
asked
User Sampad
by
7.9k points

1 Answer

3 votes

Answer:

245.57

Explanation:


P\left(1+0.05)^(10)=400 \\ \\ P=(400)/((1.05)^(10)) \\ \\ P \approx 245.57

answered
User Unreal User
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 =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
Link Copied!