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4 July, 08:49

An account earns 1.5% interest compounded annually. The balance after 2 years is $8241.80. What is the principal?

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  1. 4 July, 09:18
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    8241.80=P (1+0.015) ^2

    I am not sure what did the problem mean by the principal but I guess It could be the valie invested initially

    so, P=$8000
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