Answered

At Westonci.ca, we make it easy to get the answers you need from a community of informed and experienced contributors. Join our Q&A platform to get precise answers from experts in diverse fields and enhance your understanding. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals.

Penelope withdraws $4,115.23 at the end of a five-year investment yielding 4% interest, compounded annually. How much did Penelope originally deposit

Sagot :

Zviko

Answer:

$3,382.42

Explanation:

The amount originally deposited by Penelope (PV) can be determined using a Financial calculator as follows :

FV = $4,115.23

PMT = $0

N = 5

I = 4 %

P/YR  = 1

PV = ?

The PV is $3,382.42

thus,

Penelope originally deposited $3,382.42

We appreciate your visit. Hopefully, the answers you found were beneficial. Don't hesitate to come back for more information. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Get the answers you need at Westonci.ca. Stay informed by returning for our latest expert advice.