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Burka [1]
3 years ago
10

Mr. Hall deposited money into an account in which interest is compounded quarterly at a rate of 2.6%. How much did he deposit if

the total amount in his account after 4 years was $7160.06, and he made no other deposits or withdrawals?
Mathematics
1 answer:
Amanda [17]3 years ago
8 0
The formula of this equation would be x_{0}* 1.026^16 = 7,160.06
So from this equation we know that x_{0} =  \frac{7,160.06}{1.026^{16} }
Now we need to find the value of x, we need to multiply x_{0} * 1.026 16 times. Which will bring us to your answer. $4,748.53
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