Compound Interest word problem#1

United Arab Emirates

December 6, 2006 11:54pm CST

1)Mrs. Graham desposited some money in a savings account at a rate of interest of 6%. After one year, the amount she had in the bank was $8,480.What was the capital she deposited in the bank? (hint at this rate, what does a dollar become at the end of one year?By what should the amount be divided to obtain the capital?)

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2 responses

@PlloiJavex (75)

• United States

7 Dec 06

assuming a yearly intrest compile she started with $8000

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@rebelann (117196)

• El Paso, Texas

15 Jan 20

You make it sound easy.

@rebelann (117196)

• El Paso, Texas

15 Jan 20

I love math but these kinds of word problems always caused me problems ..... I didn't say I was good at it.