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The compound interest is applied to the remaining balance in the account
each subsequent year.
- The amount that must be deposited is approximately <u>$620.07</u>
Reasons:
The given compound interest rate, r = 6.25% = 0.0625
The balance in the account after 2 years, A = $700
Required:
The required deposit, <em>P</em>, that gives the given account balance after 2 years.
Solution:
The following is the compound interest formula to use;
Where;
t = 2 years
We get;
Which gives;
- The amount that must be deposited to give $700 after 2 years is P ≈ <u>$620.07</u>
Learn more about compound interest here: