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Popular Word Problems >

Oscar opened a savings account 9 years ago. The account earns 11% interest, compounded quarterly. If the current balance is 300.00, how much did he deposit initially?

Solução

O sc a r o p e n e d a s a v in g s a cco u n t 9 ye a rs a g o . T h e a cco u n t e a r n s 11% in t eres t, co m p o u n d e d q u a r t er l y . I f t h e c u rre n t ba l an ce i s 300.00, h o w m u c h d i d h e d e p os i t ini t ia ll y ?

Solução

Principal : 112.97

Passos da solução

Translate the problem into an equation:

300 = P (1 + \frac{0.11}{4})^{4 \cdot 9}

Resolver para

P, 300 = P (1 + \frac{0.11}{4})^{4 \cdot 9} : P = 112.97

Principal : 112.97

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