Jada deposited an amount of money in a bank 8 years ago. If the bank had been paying interest at the rate of 4%/year compounded daily (assume a 365-day year) and she has $21,000 on deposit today, what was her initial deposit? (Round your answer to the nearest cent.) 24 Need Help? Talk to a Tutor

Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
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Jada deposited an amount of money in a bank 8 years ago. If the bank had been paying interest at the rate of 4%/year
compounded daily (assume a 365-day year) and she has $21,000 on deposit today, what was her initial deposit? (Round your
answer to the nearest cent.)
$
Need Help?
Talk to a Tutor
Transcribed Image Text:Jada deposited an amount of money in a bank 8 years ago. If the bank had been paying interest at the rate of 4%/year compounded daily (assume a 365-day year) and she has $21,000 on deposit today, what was her initial deposit? (Round your answer to the nearest cent.) $ Need Help? Talk to a Tutor
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