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Popular Word Problems >

cole opened a savings account 8 years ago.The account earns a 7%intrest, compounded monthly. if the current balance is 100.00, how much did he deposit initially?

Solução

co l e o p e n e d a s a v in g s a cco u n t 8 ye a rs a g o . T h e a cco u n t e a r n s a 7% in t res t, co m p o u n d e d m o n t h l y . i f t h e c u rre n t ba l an ce i s 100.00, h o w m u c h d i d h e d e p os i t ini t ia ll y ?

Solução

Principal : 57.21

Passos da solução

Translate the problem into an equation:

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

Resolver para

P, 100 = P (1 + \frac{0.07}{12})^{12 \cdot 8} : P = 57.21

Principal : 57.21

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