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
