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Popular Word Problems >

Perry opened a savings account 8 years ago. The account earns 15% interest, compounded annually. If the current balance is 500.00, how much did he deposit initially?

Solución

P erry 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 15% in t eres t, co m p o u n d e d ann u a ll y . I f t h e c u rre n t ba l an ce i s 500.00, h o w m u c h d i d h e d e p os i t ini t ia ll y ?

Solución

Principal : 163.45

Pasos de solución

Translate the problem into an equation:

500 = P (1 + \frac{0.15}{1})^{1 \cdot 8}

Resolver para

P, 500 = P (1 + \frac{0.15}{1})^{1 \cdot 8} : P = 163.45

Principal : 163.45

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