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lions [1.4K]
3 years ago
15

Michael opened a savings account at an annual interest rate of 5%. At the end of 3 years, the account balance is $4630.50. If Mi

chael did not add any other amounts to this account, how much was his initial deposit?
Mathematics
1 answer:
Ipatiy [6.2K]3 years ago
3 0

Answer:

$4026.52

Step-by-step explanation:

Given data

rate= 5%

time= 3years

A=$4630.50

P=?

we know that

A=P(1+rt)

$4630.50=P(1+0.05*3)

$4630.50=P(1+0.15)

$4630.50=P(1.15)

P=4630.50/1.15

P=$4026.52

The intitial amount is $4026.52

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