Peter opened a savings account 8 years ago. The account earns 1% interest, compounded monthly. If the current balance is 500.00, how much did he deposit initially?

Solución

Solución

Principal : 461.57

Pasos de solución

Translate the problem into an equation:

500 = P (1 + \frac{0.01}{12})^{12 \cdot 8}

Resolver para

P, 500 = P (1 + \frac{0.01}{12})^{12 \cdot 8} : P = 461.57

Principal : 461.57

Ejemplos populares

The radius of a circle is 19 m. Find its circunferencia in terms of pipi.brian has 4 apples, his train is 7 minutes late, calculate the mass of the sun The sum of 3 times a number and 5 equals 6.56 times the difference between a number and 10 is equal to the number plus 23.Emily puts 1,000.00 into an account to use for school expenses. The account earns 15% interest, compounded monthly. How much will be in the account after 8 years?