Question

On the 1st January 2014 Carol invested some money in a bank account.
The account pays 2.5% compound interest per year.
On 1st January 2015 Carol withdrew £1000 from the account.
On 1st January 2016 she had £23517.60 in the account.
Work out how much Carol originally invested in the account.​

Answer 1

Step-by-step explanation:

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Answer 2

Answer:

PV = (23,517.60)/1.025 = 22,944 Pounds Sterling

Then, we add back the 1,000 Pounds Sterling that was withdrawn exactly 1 year prior, to get: 23,944 Pounds Sterling

Carol had deposited the annual interest for exactly 1 year (2.5%) less than the value of 23,944 Pounds Sterling

So: PV (of 01/01/2014) is: (23,944/1.025) = 23,360

So, on 01/01/2014, Carol initially deposit 23,360 Pounds Sterling into a bank account earning 2.5% APR.

Step-by-step explanation:

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