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yankeecm1005
 3 years ago
Randall has an account balance of $675.54 in a savings account that earns interest at a rate of 2.5% compounded twice a year. If Randall opened the account eleven years ago, what was the principal deposit rounded to the nearest dollar?
yankeecm1005
 3 years ago
Randall has an account balance of $675.54 in a savings account that earns interest at a rate of 2.5% compounded twice a year. If Randall opened the account eleven years ago, what was the principal deposit rounded to the nearest dollar?

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Calcmathlete
 3 years ago
Best ResponseYou've already chosen the best response.0\[A = P(1 + \frac{r}{n})^{nt}\]\[675.54 = P(1 + \frac{0.025}{2})^{2(11)}\]Just solve for P :)
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