Hanson opened a savings account 6 years ago. The account earns 2% interest, compounded annually. If the current balance is 600.00, how much did he deposit initially?

Solução

Solução

Principal : 532.78

Passos da solução

Translate the problem into an equation:

600 = P (1 + \frac{0.02}{1})^{1 \cdot 6}

Resolver para

P, 600 = P (1 + \frac{0.02}{1})^{1 \cdot 6} : P = 532.78

Principal : 532.78

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