Please need help asap ❤️You have placed your money in a bank account with an interest rate of 5.8% compounding annually. After 5 years you have $9090 how much did you put in the bank originally? Plzzzz ASAP plzzzzzz
Formula for compound interest is stated as follows:
A = P(1+r)^n; where A = Amount in the bank after compounding, P = Principal amount deposited in the account, r = annual interest rate as a decimal, n = number of years to accumulate amount A in the account.
Using the values given; 9090 = P(1+0.058)^5 P = 9090/[(1+0.058)^5] = 9090/1.3256 = 6857.02
Therefore, the amount put in the account must be $6,857.02
