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Paladinen [302]
3 years ago
5

Pierce currently has $10,000. What was the value of his money five years ago if he has earned 5 percent interest each year?. . .

A.. . $7,462.15. . . . . B.. $7,835.26. . . . . C.. $8,548.04.
Business
2 answers:
Juliette [100K]3 years ago
8 0

Answer:

B. 7,835.26

Explanation:

Vladimir [108]3 years ago
5 0
Amount = $10000
Let us assume the principal = x
Amount of interest = 5%
Time = 5 years
Then
x (1 + i)^t = 10000
x(1 + 0.05)^5 = 10000
x(1.05)^5 = 10000
1.28x = 10000
x = 10000/1.276281
   = 7835.26
From the above deduction, it can be easily concluded that the correct option among all the options that are given in the question is the second option or option "B".
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