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timama [110]
3 years ago
7

Liz deposited money into an account in which interest is compounded quarterly at a rate of 3.2%. How much did she deposit if the

total amount in her account after 5 years was $4837.65, and she made no other deposits or withdraws. SHOW WORK
Mathematics
1 answer:
lara [203]3 years ago
4 0

Answer:

She deposited 4124.998 dollars

Step-by-step explanation:

Given -

Rate of interest = 3.2 %

Rate of interest compounded quarterly

Time period = 5 years

Amount after 5 years = 4837.65 dollars

We shall use the following equation for solving this question

A = P (1 + r)^t

Where A is the final amount after time period t

P is the principal amount

r is the rate of interest

and t is the time period

Substituting the given values in above equation, we get -

4837.65 = P (1 +\frac{3.2}{4*100})^{4 *5}\\4837.65 = P (1 +0.008)^{20}\\P = \frac{4837.65}{1.7276} \\P = 4124.998

She deposited 4124.998 dollars

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