Gabrielle opened a savings account 9 years ago. The account earns 13% interest, compounded quarterly. If the current balance is 500.00, how much did she deposit initially?

Solution

Solution

Principal : 158.1

étapes des solutions

Translate the problem into an equation:

500 = P (1 + \frac{0.13}{4})^{4 \cdot 9}

Solutionner pour

P, 500 = P (1 + \frac{0.13}{4})^{4 \cdot 9} : P = 158.1

Principal : 158.1

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