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July 29, 2014

July 29, 2014

Posted by **colin** on Wednesday, July 18, 2012 at 1:24am.

the account in 4 years? Assume the account earns 5% interest.

- maths -
**Henry**, Thursday, July 19, 2012 at 4:57pmIs it compounded Daily, Monthly, or

Annualy? Since the compounding frequency is not given, I'll assume

simple Interest:

P = Po + I.

P = Po + Po*r*t = $20,000.

Po + Po*0.05*4 = 20,000

Po + 0.2Po = 20000

1.2Po = 20000

Po = $16,666.67 = Initial deposit.

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