Question

You want to study at the Hogwarts School of Witchcraft and Wizardry after five years. You need

800
800800 pieces of muggle-money to study there. You decide to deposit some pieces in the bank at an annual interest rate of
12
%
12%12, percent.
How many pieces should you deposit today if you want to use the total amount to pay the fees?

Answer 1

454

Explanation:

need 800 in 5 years

x*(1+12%)^5 = 800

so 1.76x=800

x=454