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Populaire Word Problems >

Tracy opened a savings account 10 years ago. The account earns 7% interest, compounded annually. If the current balance is 800.00, how much did she deposit initially?

Solution

T r a cy o p e n e d a s a v in g s a cco u n t 10 ye a rs a g o . T h e a cco u n t e a r n s 7% in t eres t, co m p o u n d e d ann u a ll y . I f t h e c u rre n t ba l an ce i s 800.00, h o w m u c h d i d s h e d e p os i t ini t ia ll y ?

Solution

Principal : 406.68

étapes des solutions

Translate the problem into an equation:

800 = P (1 + \frac{0.07}{1})^{1 \cdot 10}

Solutionner pour

P, 800 = P (1 + \frac{0.07}{1})^{1 \cdot 10} : P = 406.68

Principal : 406.68

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