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ANTONII [103]
3 years ago
13

Fred has a savings account balance of $1728.57. The interest-rate on the account is 3.4% compounded daily. If he opened the acco

unt nine years ago, what was the value of his initial deposit?
Mathematics
1 answer:
Furkat [3]3 years ago
8 0
The formula is
A=p (1+r/k)^kt
A current balance 1728.57
P initial deposit ?
R interest rate 0.034
K compounded daily 365
T time 9 years
Solve the formula for p
P=A÷(1+r/k)^kt
P=1,728.57÷(1+0.034÷365)^(365×9)
p=1,272.91

Hope it helps!
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