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Beliebt Word Problems >

Ariana opened a savings account 7 years ago. The account earns 14% interest, compounded monthly. If the current balance is 500.00, how much did she deposit initially?

Lösung

A r iana o p e n e d a s a v in g s a cco u n t 7 ye a rs a g o . T h e a cco u n t e a r n s 14% in t eres t, co m p o u n d e d m o n t h l y . I f t h e c u rre n t ba l an ce i s 500.00, h o w m u c h d i d s h e d e p os i t ini t ia ll y ?

Lösung

Principal : 188.72

Schritte zur Lösung

Translate the problem into an equation:

500 = P (1 + \frac{0.14}{12})^{12 \cdot 7}

Löse nach

P, 500 = P (1 + \frac{0.14}{12})^{12 \cdot 7} : P = 188.72

Principal : 188.72

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