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21 June, 05:48

Aileen deposited money into an account in which interest is compounded semiannually at a rate of 2.1%. How much did she deposit if the total amount in her account after 3 years was $3952.08, and she made no other deposits or withdrawals?

a) $3489

b) $3562

c) $3712

d) $3751

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Answers (1)
  1. 21 June, 08:40
    0
    3952.08=p (1+0.021/2) ^6

    Solve for p

    P=3712
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