Explain how to use the standard normal table to find the probability associated with the shaded area under the curve
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Answer:
The original amount deposit is $1641627.68.
Step-by-step explanation:
Given : If your balance after 8 years in the bank at a rate of interest of 11%% is 3783193.
To find : How much was your original deposit?
Solution :
Applying interest formula,
Where, A is the amount i.e. A=$3783193
P is the principal value i.e. the original deposit
r is the interest rate r=11%=0.11
t is the time t=8 years.
Substitute the value in the formula,
Therefore, The original amount deposit is $1641627.68.