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Todd opened a savings account 2 years ago the account earns 9% interest compounded quarterly if the current balance is 400.00 how much did he deposit initially

Respuesta :

Here,

A = 400

t = 2

n = 4

r = 9% = 0.09

Applying the compound interest formula,

[tex]\begin{gathered} A=P(1+\frac{r}{n})^{nt} \\ 400=P(1+\frac{0.09}{4})^8 \\ 400=P(1.1948) \\ P=334.77 \end{gathered}[/tex]

The initial amount was 334.77.

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