wyatt opend a savings account 4 years ago. the account earns 4%interest compounded quarterly if the current balance is $1,000.00 how much did he deposit initially round your answer to the nearest cent

9514 1404 393

  $852.82

Step-by-step explanation:

Each quarter the account value is multiplied by 1+(4%/4) = 1.01. After t quarters, the account value is 1.01^t times its initial value.

This same relation works backward in time. For t = -16 quarters (4 years ago), the account value was ...

  1000(1.01^-16) ≈ 852.82

Wyatt deposited $852.82.

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step-by-step explanation:

answer:

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