Answered

Welcome to Westonci.ca, your ultimate destination for finding answers to a wide range of questions from experts. Get quick and reliable solutions to your questions from a community of seasoned experts on our user-friendly platform. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.

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

Thank you for trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Get the answers you need at Westonci.ca. Stay informed with our latest expert advice.