Tucker opened a savings account 4 years ago. The account earns 1% interest, compounded annually. If the current balance is 800.00, how much did he deposit initially?

Soluzione

Soluzione

Principal : 768.78

Fasi della soluzione

Translate the problem into an equation:

800 = P (1 + \frac{0.01}{1})^{1 \cdot 4}

Risolvi per

P, 800 = P (1 + \frac{0.01}{1})^{1 \cdot 4} : P = 768.78

Principal : 768.78

Esempi popolari

the sum of three consecutive odd integers is 321 the sum of number and-4 is greater than 15 Peter and Maggie deposit 1,000.00 into a savings account which earns 7% interest compounded monthly. They want to use the money in the account to go on a trip in 2 years. How much will they be able to spend?What is the surface area of a cube if its edge is 30cm ?It’s time to riordinare stethoscopes for the nursing staff. The purchasing department has found a vendor site that is selling stethoscopes for 25% less than our usual price of 80.00 per unit. What is the sales price per stethoscope from the new vendor?