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Joshua opened a savings account 11 years ago. The interest rate was 2.9% compounded quarterly. If his balance is currently $1,437.34, how much did he originally deposit into the account? Could someone
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Joshua opened a savings account 11 years ago. The interest rate was 2.9% compounded quarterly. If his balance is currently $1,437.34, how much did he originally deposit into the account?

Could someone explain and help with the answer?

User Tkmckenzie
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1 Answer

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You would work the compound interest formula backwards to find that Joshua originally deposited $1,045.97.
User Kwiqsilver
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