13 years ago your gramps opened an account with an interest of 4% compounded annually. how much 13 years ago?
the whole problem is.......your gramps had started a savings account for yo 13 years ago. the bank informs you that the account has $835.55 in it. if the interest rate was 4%compounded annually, ho much did pops deposit 13 years ago? intelligent detailed drawn out solution will get my vote so aim high.
Answer:
The equation is 835.55=(x*1.04)*(1.04)^12th
The answer is $501.81
goto the following, and keep putting in a starting number until you get the right answer
http://www.moneychimp.com/calculator/com...
$501.81 was his initial deposit.
Do I win???
Answer:
The equation is 835.55=(x*1.04)*(1.04)^12th
The answer is $501.81
goto the following, and keep putting in a starting number until you get the right answer
http://www.moneychimp.com/calculator/com...
$501.81 was his initial deposit.
Do I win???
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