on the 1st January 2014 Carol invested some money in a bank account.
The acount pays 2.5% compound interest per year.
On 1st january 2015 Carol withdrew £1000 from the account.
On 1st january 2016 she had £23 517.60 in the account.
Work out how much carol originally invested in the account.
alecia2005:
Help please! urgent
was it right?
No, it was marked wrong.
Answers
Answered by
1
Answer:
23919.62
Step-by-step explanation:
F = P[(1+ r/n)^t -1] over (divided by) r/n
F= Future value
r= rate
t= time
^ = exponent
n= 1 (because it is compounding annually) likewise it would be 12 if it were compounding monthly, 52= weekly)
That answer was marked wrong on my homework
ok must be from the rounding
have you tried the payout annuity formula maybe this is what is after. p=PMT[1-(1+ r/n)^-nt / (r/n) Very IMPORTANT when you enter this into the calculator and you get to the 1-______ part you must enter 1- ans if you use Ans-1 you will get the wrong answer.
I'm sorry. what is the payout annuity formula?
p=PMT[1-(1+ r/n)^-nt] / (r/n)
what answer did you get before rounding?
I don't understand that formula, I haven't been taught it
np i just learned it again, a few months ago.
I saw somewhere else that the answer was £23 360
Answered by
3
Answer:
23360
Step-by-step explanation:
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