byzurita09
byzurita09 byzurita09
  • 20-03-2017
  • Mathematics
contestada

Find the principal.
to get $800 after 3 1/2 years at 7% compounded monthly

Respuesta :

jdoe0001 jdoe0001
  • 20-03-2017
[tex]\bf \qquad \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \qquad \begin{cases} A=\textit{compounded amount}\to &800\\ P=\textit{original amount deposited}\\ r=rate\to 7\%\to \frac{7}{100}\to &0.07\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{monthly, meaning 12} \end{array}\to &12\\ t=years\to &3\frac{1}{2} \end{cases}[/tex]

solve for "P" to find the Principal
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