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Sagot :
The answer is $6,301.70
Given in question
Future account balance = $10,000
N = 6
I = 8%
Estimate the required initial deposit to obtain the amount of $10,000 in 6 years:
Initial Deposit= Balance/ (1+n)n
Initial Deposit= $10,000/(1+8%)6
Initial Deposit= $6,301.70
Compound interest is interest calculated on a loan or deposit based on both the initial principal and the accumulated interest from previous periods. Compound interest, which is thought to have originated in 17th-century Italy, can be defined as "interest on interest." It will accelerate the growth of a sum faster than simple interest, which is calculated solely on the principal amount.
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