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2 years ago

7

You earned $1600 in interest in your savings account over 10 years at a rate of 8%. How much money did you originally deposit in

to your savings account?

1 answer:

Amanda [17]2 years ago

8 0

A = p(1+r)^t

1600 = p(1+0.08)¹⁰

P = 1600/2.1589

P= 741.12

741.12 dollar money did you originally deposit into your savings account!

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<h3>How to calculate compound interest's amount?</h3>

If the initial amount (also called as principal amount) is P, and the interest rate is R% per unit time, and it is left for T unit of time for that compound interest, then the interest amount earned is given by:

$CI = P(1 +\dfrac{R}{100})^T - P$

The final amount becomes:

$A = CI + P\\A = P(1 +\dfrac{R}{100})^T$

For the considered case, we're given that:

Initial amount Laura deposited = $5,500 = P
Type of interest: Compound interest
Unit of time: Annually
Rate of interest = 1.6% annually = R
Total unit of time for which amount is to be calculated: 4 years = T

The final amount at the end of 4 years in the considered account of Laura is evaluated as:

$A = 5500(1 + \dfrac{1.6}{100})^4 = 5500(1.016)^4 \approx 5860.53 \: \rm (in \: dollars)$

Thus, he amount that is the closest to the account balance at the end of 4 years is given by: Option B: $5,860. 53 (approx)

Learn more about compound interest here:

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