en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular 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?

Solution

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 ?

Solution

Principal : 490.15

Solution steps

Translate the problem into an equation:

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

Solve for

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

Principal : 490.15

Popular Examples

Set up a system of linear equations, and then solve for the indicated quantities.Four times the smaller of two numbers plus five times the larger number is-13 .Five times the smaller number minus five times the larger number is-5 .Find the numbers.Let x represent the smaller number. Let y represent the larger number.Shivani opened a savings account and deposited 3,000.00 as principal. The account earns 3% interest, compounded monthly. What is the balance after 10 years?Melanie invests 7600 in a new savings account which earns 4.0% annual interest, compounded monthly. What will be the value of her investment after 2 years? Round to the nearest cent.the sum of twice a number and 5 is 13 less than the opposite of a number dale has 2000 to invest. his goal is to have 4, 800 in this investment in 8 years. at what annual rate compounded continuously will dale reach his goal?