Martha has a savings account that pays 1.5% interest annually. She has not made any deposits or withdrawals for many years. Suppose that her current balance is $4,516.32. How much money was in her account 5 years ago? Show how you get your answer.

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24-02-2015
Mathematics

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Martha has a savings account that pays 1.5% interest annually. She has not made any deposits or withdrawals for many years. Suppose that her current balance is $4,516.32. How much money was in her account 5 years ago? Show how you get your answer.

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Kevin890 Kevin890 · Answer 1 · 2015-02-24T19:36:37-05:00

Kevin890 Kevin890

24-02-2015

She had approximately $4,855.07 five years ago because if you were to multiply 1.5%(0.015) with 4,516.32 you'd get 67.75(rounded) and multiply that with five since its five years and she annually has to pay, and you'd get around 338.75. You add that with 4.516.32 which gives you the amount she had five years ago

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