Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You have a balance of $92,145 in an investment account you opened 8 years ago. Except for the initial amount, you have not made any

You have a balance of $92,145 in an investment account you opened 8 years ago. Except for the initial amount, you have not made any other deposit into this account. If you have earned an annual rate of return of 4% each year, What was your initial deposit when you first opened this account? Round your answer to two decimals.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Markets And Institutions

Authors: Anthony Saunders, Marcia Millon Cornett

1st International Edition

0071181334, 9780071181334

More Books

Students also viewed these Finance questions

Question

6. Contrast and compare the RNR and GLM models of rehabilitation.

Answered: 1 week ago