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Populaire Word Problems >

Michelle opened a savings account 6 years ago. The account earns 2% interest, compounded quarterly. If the current balance is 700.00, how much did she deposit initially?

Solution

M i c h e ll e o p e n e d a s a v in g s a cco u n t 6 ye a rs a g o . T h e a cco u n t e a r n s 2% in t eres t, co m p o u n d e d q u a r t er l y . I f t h e c u rre n t ba l an ce i s 700.00, 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 : 621.03

étapes des solutions

Translate the problem into an equation:

700 = P (1 + \frac{0.02}{4})^{4 \cdot 6}

Solutionner pour

P, 700 = P (1 + \frac{0.02}{4})^{4 \cdot 6} : P = 621.03

Principal : 621.03

Exemples populaires

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