Ask Question
11 June, 12:29

Kelly opened a savings account 13 years ago. She has not made any deposits or withdrawals since. The account earns 3 % interest compounded annually. The account balance is now $881. Find Kelly 's original deposit.

+1
Answers (1)
  1. 11 June, 12:41
    0
    The final amount is given by:

    F=I (1+rt)

    Where

    I = initial amount

    r = interest rate

    t = time interval

    F = final amount

    Now in our case

    r = 1.2

    t = 7

    F = $126

    Therefore I=F / (1+rt) = 126 / (1+1.2*7) = 13.4 dollars.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Kelly opened a savings account 13 years ago. She has not made any deposits or withdrawals since. The account earns 3 % interest compounded ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers