Register
Adriana opened a savings account 3 years ago. The account earns 7% interest, compounded quarterly. If the current balance is $300.00, how much did she deposit initially?
225k views
2 votes
Adriana opened a savings account 3 years ago. The account earns 7% interest, compounded quarterly. If the current balance is $300.00, how much did she deposit initially?

User Raghul Raj
by
8.9k points

1 Answer

4 votes

Answer: 243.617

Explanation:

300 =
x x (1 + 7/100/4)^(4 x 3)

300 =
x x (1.0175)^12

300 =
x x 1.231


x = 300/1.231


x = 243.617

User Pckben
by
8.3k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.5m questions

12.2m answers

Other Questions

What is .725 as a fraction
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
Write words to match the expression. 24- ( 6+3)
A dealer sells a certain type of chair and a table for $40. He also sells the same sort of table and a desk for $83 or a chair and a desk for $77. Find the price of a chair, table, and of a desk.
Link Copied!