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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.
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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.

Marco opened a savings account 10years ago. The account earns 5% interest,compounded-example-1
User Sampad
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1 Answer

3 votes

Answer:

245.57

Explanation:


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

User Unreal User
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