At Mr. Neely bank, the interest rate offered to clients is 4.5% annually. If after three years at the bank he has earned $50 in interest, approximately how much money did he initially deposit? (Round your answer to the nearest dollar!)
2 answers
P * (1.045^3 - 1) = 50
amount invested: $x
x(1.045)^3 - x = 50
x(1.045^3 - 1) = 50
x = 50 / (1.045^3 - 1) - ....
x(1.045)^3 - x = 50
x(1.045^3 - 1) = 50
x = 50 / (1.045^3 - 1) - ....