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3 years ago

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A term account earns 3.6%, compounded daily for 3 years. If the amount is $8411.02 at the end of the 3 year period, what was the

principal.
Formula: A = P (1 + R/N) to the power of {NT}

1 answer:

ValentinkaMS [17]3 years ago

5 0

Answer:

7550

Step-by-step explanation:

$AV=PV(1+\frac{i}{n} )^{nt}\\8411.02=PV(1+\frac{.036}{365})^{365*3}\\8411.02= PV*1.114\\PV= 7550$

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