I BET NONE OF YOU GUYS CANT ANSWER THIS QUESTION !

Fred has a savings account balance of $1,728.57. The interest rate on the account is 3.4% compounded daily. If he opened the account nine years ago, what was the value of his initial deposit?

Question

I BET NONE OF YOU GUYS CANT ANSWER THIS QUESTION !

Fred has a savings account balance of $1,728.57. The interest rate on the account is 3.4% compounded daily. If he opened the account nine years ago, what was the value of his initial deposit?

anonymous · Answer

told you ..

rajee_sam · Answer

http://www.mathwarehouse.com/compound-interest/formula-calculate.php

dumbcow · Answer

is this a challange...hmm
cant be that hard, banks do it every day

dumbcow · Answer

any financial calculator will do it for you in seconds...but i wil show the math
$$1728.57 = X(1+\frac{.034}{360})^{360*9}$$
$$1728.57 = X(1.00009444)^{3240}$$
$$X = 1272.91$$