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Popolare Word Problems >

Reagan opened a savings account 5 years ago. The account earns 1% interest, compounded annually. If the current balance is 200.00, how much did she deposit initially?

Soluzione

R e a g an o p e n e d a s a v in g s a cco u n t 5 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 200.00, 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 : 190.29

Fasi della soluzione

Translate the problem into an equation:

200 = P (1 + \frac{0.01}{1})^{1 \cdot 5}

Risolvi per

P, 200 = P (1 + \frac{0.01}{1})^{1 \cdot 5} : P = 190.29

Principal : 190.29

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