SOLUTION: An account earns 5% interest for t years. The initial deposit (principal) P needed to obtain a future value (amount in the account) S is given by the formula: P=S(1.05)^-t.
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-> SOLUTION: An account earns 5% interest for t years. The initial deposit (principal) P needed to obtain a future value (amount in the account) S is given by the formula: P=S(1.05)^-t.
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Question 1123466: An account earns 5% interest for t years. The initial deposit (principal) P needed to obtain a future value (amount in the account) S is given by the formula: P=S(1.05)^-t.
1. Write the equation to find the principal required to accrue $1500 after 6 years. Use a negative exponent.
