SOLUTION: After 20 years, Marcel's account earned $1200 in interest. If the interest rate (in decimal form) is 0.1, how much did Marcel initially invest?

Question 1113484: After 20 years, Marcel's account earned $1200 in interest. If the interest rate (in decimal form) is 0.1, how much did Marcel initially invest?
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!

It depends -- a lot -- on whether it is simple interest or compound interest, and, if compound, how many compounding periods per year.

John

My calculator said it, I believe it, that settles it

RELATED QUESTIONS
After 20 years, Sheila's account earned $600 in interest. If the interest rate (in... (answered by ewatrrr)

After 10 years, Brian's account earned $600 in interest. If the interest rate (in decimal (answered by stanbon)

after 5 years mikes account earned $9000 in interest if the interest rate in decimal form (answered by rfer)

After 20 years, Sheila's account earned $600 in interest. If the interest rate is 6%, how (answered by solver91311)

After 4 years, Mike's account earned $1500 in interest. If the interest rate (in decimal (answered by jorel555)

Marcel Thiessen purchased a home for $209,400 and obtained a 15-year, fixed-rate mortgage (answered by Theo)

If you make quarterly deposits of $407 into an ordinary annuity earning an annual... (answered by Theo,ikleyn)

What’s the correct formula to use for this Amanda account earned $600 in interest. If (answered by josmiceli,ikleyn)

The formula A = 𝑃 (1 +𝑟𝑛)𝑛𝑡 is used to determine (answered by Alan3354)