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Rodrigo opened a savings account 3 years ago. The account earns 10% interest, compounded quarterly. If the current balance is $200.00, how much did he deposit initially?

Rodrigo opened a savings account 3 years ago. The account earns 10% interest, compounded quarterly. If the current balance is $200.00, how much did he deposit initially?
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2 votes
Rodrigo opened a savings account 3 years ago. The account earns 10% interest, compounded

quarterly. If the current balance is $200.00, how much did he deposit initially?

User Nick Yap
by
7.6k points

1 Answer

5 votes

Answer:

A = P(1 + r/n)nt

P =

$148.71

User Sandeep Tawaniya
by
8.3k points
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