Pedro opened a savings account 8 years ago. The account earns 7% interest, compounded monthly. If the current balance is 800.00, how much did he deposit initially?

Solución

Solución

Principal : 457.71

Pasos de solución

Translate the problem into an equation:

800 = P (1 + \frac{0.07}{12})^{12 \cdot 8}

Resolver para

P, 800 = P (1 + \frac{0.07}{12})^{12 \cdot 8} : P = 457.71

Principal : 457.71

Ejemplos populares

the sum of the consecutive number is 35.Devaughn's age is two times Sydney's age. The sum of their ages is 78 . What is Sydney's age?the ages of john and mary are 54. four years ago, john was twice as old as mary. find the present age of each An item is regularly priced at 15. It is now priced at a discount of 20%off the regular price. What is the price now?Charlie invests 6,284 in a retirement account with a fixed annual interest rate of 3% compounded 4 times per year. What will the account balance be after 18 years?