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03-07-2021
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Penelope withdraws $4,115.23 at the end of a five-year investment yielding 4% interest, compounded annually. How much did Penelope originally deposit

Respuesta :

04-07-2021

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

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