Question

Mr. jimenez deposited money into an account in which interest is compounded quarterly at a rate of 2.6%. how much did he deposit if the total amount in his account after 4 years was $7160.06, and he made no other deposits or withdrawals?$6455 $6455$6798 $6798$6887 $6887$6977 $6977 skip to navigation Answers 1. diemkieu Answer:$6455.
Step-by-step explanation:
The formula for this investment is:
A = P(1 + r/4)^4t      where P = amount deposited ,  A amount after t years,
r = rate (as a decimal fraction).
So we have:
7160.06 = P(1 + 0.026/4)^16
7160.06 = P * 1.109227
P = 7160.06 / 1.109227
=  \$6455.