Question

Help me with this ?? Ryan has an account balance of $945.36 in a savings account that earns interest at a rate of 4.5% compounded monthly. If Ryan opened the account eight years ago, what was the principal deposit?
945.36=P(1+.045/4)^(12)(8)

Answer 1

Is the answer $660??

Answer 2

should be:

945.36=P(1+.045/12)^(12)(8)

now just solve for P

Answer 3

so the answer is 660, correct?

Answer 4

Yes

Answer 5

thanks.