yahtiar2004 yahtiar2004

11-01-2022
Mathematics

contestada

Marcus deposited money into a savings account 10 years ago and it is now worth $2,500. The
account earned 2.1% annual interest over those ten years. Write an equation and then solve to
determine the amount Marcus initially deposited into the savings account. Round your answer to the
nearest cent.

Respuesta :

clarch19 clarch19

11-01-2022

Answer:

$244.81

Step-by-step explanation:

A (total amount) = P(principal) · (1 + r/n)^nt

r = interest rate

n = # times per year interest is compounded

t = term of investment

2500 = P[1 + (.021/10)]^10·1

2500 = 1.021199565 · P

P = 244.81

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