Jeffery's investment in his savings account matured to $5,217.77 at the end of 260 days. if...
Homework Answers
We know that:
Investment after interest = Principal Amount or Initial Investment * ( 1 + Rate of Interest * No of days of investment/365 days)
$5,217.77 = Principal Amount or Initial Investment * ( 1 + 0.045 * 260/365)
$5,217.77 = Principal Amount or Initial Investment * (1.032)
Hence, Principal Amount or Initial Investment = $5,055.71
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Jeffery's investment in his savings account matured to $5,217.77 at
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