Question

If your balance after 8 years in the bank at a rate of interest of 11%% is 3783193 how much was your original deposit? 29 Original dOriginal deposit Save Exit Submit

Answer 1

The original amount deposit is $1641627.68.

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,

`A=P(1+r)^t`

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,

`3783193=P(1+0.11)^8`

`3783193=P(1.11)^8`

`3783193=P* 2.30`

`P=(3783193)/(2.30)`

`P=1641627.68`

Therefore, The original amount deposit is $1641627.68.