Asked by snow
2,200 after 3 years if the account pays 8.4%
i have no clue what this is
i have no clue what this is
Answers
Answered by
MathMate
What is the question?
It helps to post the complete question even though there is more typing to do.
I suppose the question requires you to calculate the original deposit (principal) three years ago.
At 8.4% p.a. compound interest,
$1000 will yield 1000*(1.084³) after three years, or $1273.76.
If the combined interest and principal after three years is $2200, the the principal can be calculated by proportion, namely
P=1000*(2200/1273.76)=$1727.17
So check if my assumptions correspond to those of the question. If not, please post the complete question.
It helps to post the complete question even though there is more typing to do.
I suppose the question requires you to calculate the original deposit (principal) three years ago.
At 8.4% p.a. compound interest,
$1000 will yield 1000*(1.084³) after three years, or $1273.76.
If the combined interest and principal after three years is $2200, the the principal can be calculated by proportion, namely
P=1000*(2200/1273.76)=$1727.17
So check if my assumptions correspond to those of the question. If not, please post the complete question.
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