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30 November, 12:54

2. Over the last ten years, Mary Catherine's original deposit to her savings account at her local branch of the MakesomeMoney Bank has grown to $15,000. If she had invested a single amount, made no additional payments, and earned 6.4 percent compounded annually on her deposit, how much did Mary Catherine deposit?

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  1. 30 November, 15:48
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    The deposit was of $4,337.69

    Explanation:

    Giving the following information:

    Final value = 15,000

    Interest rate = 6.4%

    Number of years = 10

    To calculate the original deposit, we need to use a variation of the final value formula:

    FV=PV * (1+i) ^n

    Isolating PV (present value):

    PV = FV / (1+i) ^n

    PV = 15,000 / (1.064) ^10 = $4,337.69
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Home » Business » 2. Over the last ten years, Mary Catherine's original deposit to her savings account at her local branch of the MakesomeMoney Bank has grown to $15,000. If she had invested a single amount, made no additional payments, and earned 6.
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