Question 23709
Let principal = p


After every year, the customer gets 11% of this amount.


So, after 1 year the interest is 0.11P
and after 2 years the interest is 0.11P + 0.11P or this can be written as 2(0.11P)


so, after 5 years, the interest is 5(0.11P)


so we have 0.55P = 467867.40
--> P = 467867.40/0.55
--> P = $850,668


jon.