Question

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}

Answer 1

Answer:

7550

Step-by-step explanation:

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