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Populaire Word Problems >

Aaron opened a savings account 3 years ago. The account earns 14% interest, compounded monthly. If the current balance is 1,000.00, how much did he deposit initially?

Solution

A a ro n o p e n e d a s a v in g s a cco u n t 3 ye a rs a g o . T h e a cco u n t e a r n s 14% in t eres 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 1, 000.00, h o w m u c h d i d h e d e p os i t ini t ia ll y ?

Solution

Principal : 658.65

étapes des solutions

Translate the problem into an equation:

1000 = P (1 + \frac{0.14}{12})^{12 \cdot 3}

Solutionner pour

P, 1000 = P (1 + \frac{0.14}{12})^{12 \cdot 3} : P = 658.65

Principal : 658.65

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