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Step2247 [10]
3 years ago
13

if you have 3,500 after 10 years on an investment that pays 3.5% compounded daily, what was the principle amount you started wit

h ?
Mathematics
1 answer:
Semenov [28]3 years ago
7 0

Answer: $2,466.45

Step-by-step explanation:

Hi, to answer this question we have to apply the compounded interest formula:

A = P (1 + r/n) nt

Where:  

A = Future value of investment (principal + interest)  

P = Principal Amount  

r =  Nominal Interest Rate (decimal form, 3.5/100= 0.035)

n=   number of compounding periods in each year (365)

Replacing with the values given

3,500= P (1+ 0.035/365)^365(10)

Solving for P

3,500= P (1.00009589)^3650

3,500/  (1.00009589)^3650 =P

P = $2,466.45

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atroni [7]
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A bag contains 5 blue marbles, 2 black marbles, and 3 red marbles. A marble is randomly drawn from the bag.
Natali5045456 [20]

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Step-by-step explanation:

P(not drawing black marble)=\frac{ number of marbles which are not black}{total number of marbles}

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P(drawing a red marble)=\frac{ number of marbles which are red}{total number of marbles}

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4 0
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Read 2 more answers
What is the slope of the line which passes through (−2, 0) and (0, 4)?
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Step-by-step explanation:

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\frac{(y_{2}-y_{1})}{(x_{2}-x_{1})}

Given two points (-2, 0) and (0, 4):

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Plug them into the equation:

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