fr

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Populaire 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?

Solution

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 ?

Solution

Principal : 57.21

étapes des solutions

Translate the problem into an equation:

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

Solutionner pour

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

Principal : 57.21

Exemples populaires

John deposits 5000 into an account that pays simple interest at a rate of 6 percent per year. How much interest will he be paid in the first years?The sum of two numbers is 15 and their différence is 1. linear equation Find the future value and interest earned if 8904.56 is invested for 7 years at 6% compounded semiannually Brooke has 7 in an account that earns 10% interest compounded annually.To the nearest cent, how much interest will she earn in 2 years?Tina is 10 years older than Grace. In 4 years time, Tina will be twice as old as Grace. How old are they now.