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Aileen deposited money into an account in which interest is compounded semiannually at a rate of 2.1%. How much did she deposit if the total amount in her account after 3 years was $3952.08, and she made no other deposits or withdrawals.

a. $3489
b. $3562
c. $3712
d. $3751

User Chtrinh
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2 Answers

2 votes
P=A/(1+i/m)^mn
P=3,952.08÷(1+0.021÷2)^(2×3)
P=3,711.9
P=3712
User Hleb
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4 votes
The answer is c)3712

User Fiddle Freak
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