Answered

Get expert advice and community support on IDNLearn.com. Join our community to access reliable and comprehensive responses to your questions from 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 :

Zvikoidn

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 value your participation in this forum. Keep exploring, asking questions, and sharing your insights with the community. Together, we can find the best solutions. Thank you for visiting IDNLearn.com. We’re here to provide accurate and reliable answers, so visit us again soon.