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  • 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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  1. Calcmathlete
    • 3 years ago
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    \[A = P(1 + \frac{r}{n})^{nt}\]\[675.54 = P(1 + \frac{0.025}{2})^{2(11)}\]Just solve for P :)

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