2 fraction bars. The first bar is labeled 1 with 8 boxes underneath that are labeled one-eighth. The second bar is labeled 1 wit
2 answers:
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Let P = the value of the initial deposit.
Given:
A = 2,033.88, the current amount
r = 2.9% = 0.029, interest rate
n = 12, compounding interval
t = 9 years
Then
That is,
P(1 + 0.029/12)¹⁰⁸ = 2203.88
1.2978P = 2203.88
P = $1,698.17
Answer: $1,698.17
Given:
A = 2,033.88, the current amount
r = 2.9% = 0.029, interest rate
n = 12, compounding interval
t = 9 years
Then
That is,
P(1 + 0.029/12)¹⁰⁸ = 2203.88
1.2978P = 2203.88
P = $1,698.17
Answer: $1,698.17