Question

Wendy and Henry had the same amount of money. After Wendy spent $40 and Henry spent $13, Henry had 4 times as much money left as Wendy. How much money did Henry have at first?​

Answer 1

Answer:

Formula for principal (P)

Example: Let's say your goal is to end up with $10,000 in 5 years, and you can get an 8% interest rate on your savings, compounded monthly. Your calculation would be: P = 10000 / (1 + 0.08/12)(12×5) = $6712.10.