wyatt opend a savings account 4 years ago. the account earns 4%interest compounded quarterly if the current balance is $1,000.00
how much did he deposit initially round your answer to the nearest cent
1 answer:
9514 1404 393
Answer:
$852.82
Step-by-step explanation:
Each quarter the account value is multiplied by 1+(4%/4) = 1.01. After t quarters, the account value is 1.01^t times its initial value.
This same relation works backward in time. For t = -16 quarters (4 years ago), the account value was ...
1000(1.01^-16) ≈ 852.82
Wyatt deposited $852.82.
You might be interested in
Answer:
i think it is Rewrite (x+9)2 ( x + 9 ) 2 as (x+9)(x+9) ( x + 9 ) ( x + 9 ) .
Step-by-step explanation:
Answer:
≈0.167 (2/3)
Step-by-step explanation:
hope this helps!
When I multiplied them, I got 9 and 3/5
hope this helps:)
Answer:55
Step-by-step explanation: