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AGummiBear55

  • 3 years ago

Help me with this ?? Ryan has an account balance of $945.36 in a savings account that earns interest at a rate of 4.5% compounded monthly. If Ryan opened the account eight years ago, what was the principal deposit? 945.36=P(1+.045/4)^(12)(8)

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  1. AGummiBear55
    • 3 years ago
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    Is the answer $660??

  2. slaaibak
    • 3 years ago
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    should be: 945.36=P(1+.045/12)^(12)(8) now just solve for P

  3. AGummiBear55
    • 3 years ago
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    so the answer is 660, correct?

  4. slaaibak
    • 3 years ago
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    Yes

  5. AGummiBear55
    • 3 years ago
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    thanks.

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