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Popolare Word Problems >

Maya opened a savings account 2 years ago. The account earns 1% interest, compounded annually. If the current balance is 500.00, how much did she deposit initially?

Soluzione

M a y a o p e n e d a s a v in g s a cco u n t 2 ye a rs a g o . T h e a cco u n t e a r n s 1% 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 s h e d e p os i t ini t ia ll y ?

Soluzione

Principal : 490.15

Fasi della soluzione

Translate the problem into an equation:

500 = P (1 + \frac{0.01}{1})^{1 \cdot 2}

Risolvi per

P, 500 = P (1 + \frac{0.01}{1})^{1 \cdot 2} : P = 490.15

Principal : 490.15

Esempi popolari

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