Marco opened a savings account 10years ago. The account earns 5% interest,compounded annually. If the current balance is $400, how much did he deposit initially? Round your answer to the nearest cent.

asked Nov 25, 2023 138k views

3 votes

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3 votes

Answer:

245.57

Explanation:

$P\left(1+0.05)^(10)=400 \\ \\ P=(400)/((1.05)^(10)) \\ \\ P \approx 245.57$

Unreal User answered Nov 29, 2023

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