Fred has a savings account balance of $1728.57. 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?
The formula is A=p (1+r/k)^kt A current balance 1728.57 P initial deposit ? R interest rate 0.034 K compounded daily 365 T time 9 years Solve the formula for p P=A÷(1+r/k)^kt P=1,728.57÷(1+0.034÷365)^(365×9) p=1,272.91
