Question

What was the principal for a

semi-annually compounded account
earning 3.9% for 15 years that now has a
balance of $2,500?

Answer 1

Answer: $1,400.63

Work Shown:

`A = P*\left(1+(r)/(n)\right)^(n*t)\\\\ 2500 = P*\left(1+(0.039)/(2)\right)^(2*15)\\\\ 2500 \approx P*1.7849123867454\\\\ P \approx (2500)/(1.7849123867454)\\\\ P \approx 1400.62897123959\\\\ P \approx 1400.63\\\\`