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?

Solución

Solución

Principal : 621.03

Pasos de solución

Translate the problem into an equation:

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

Resolver para

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

Principal : 621.03

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