Clara opened a savings account 10 years ago. The account earns 12% interest, compounded monthly. If the current balance is 1, 000.00, how much did she deposit initially?

Solución

Solución

Principal : 302.99

Pasos de solución

Translate the problem into an equation:

1000 = P (1 + \frac{0.12}{12})^{12 \cdot 10}

Resolver para

P, 1000 = P (1 + \frac{0.12}{12})^{12 \cdot 10} : P = 302.99

Principal : 302.99

Ejemplos populares

April wants to borrow 1000 from her father and is willing to pay 15 in interest. Her father wants to charge an interest rate of 6%. How long can April keep the money?A pair of dice are rolled. What is the probability their total will be greater than 9?Express the following in algebraic expression: the sum of a number x and 7.six more than a number is less than or equal to 10 If five is subtracted from three times a certain number, the result is 10. What is the number? Write your answer on the blank.