Question

You have just deposited X dollars in your bank account that pays interest of 6 percent p.a. you discover that at the end of one year you have $19,935 in the account. What was X, that is, the amount of money that you deposited today?

Answer: $18,806.60

Can anyone provide me the steps to solve this problem? I mean I know I can just keep plugging in number to my calculator, but there has to be a formula for this!
Ms. Sue
1.06x = 19,935

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