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lidiya [134]
3 years ago
7

At the end of a full year mary garber had $6248.95 in her saving account. If the rate of interest was 12.253%, how much money di

d Mary have in the bank at the beginning of the year?
Business
1 answer:
allochka39001 [22]3 years ago
4 0

Answer:

$5,566.84

Explanation:

to determine the amount of money that Mary had in her account at the beginning of the year we can use the resent value formula:

present value (PV) = future value (FV) / (1 + interest rate)ⁿ

where:

  • FV = $6,248.95
  • interest rate = 12.253%
  • n = 1

PV = $6,248.95 / (1 + 12.253%) = $6,248.95 / 1.12253 = $5,566.84

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