Question: For the following exercises, use the compound interest formula, Use the formula found in Exercise #31 to calculate the initial deposit of an account that

For the following exercises, use the compound interest formula, A(t) = P(1 + 7)". r nt

Use the formula found in Exercise #31 to calculate the initial deposit of an account that is worth $14,472.74 after earning 5.5% interest compounded monthly for 5 years. (Round to the nearest dollar.)

A(t) = P(1 + 7)". r nt

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Solution From the question we have A as 1447274 R as 0055 n as 12 And T as 5 So we are f... View full answer

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