Need help with this question You opened a bank account that pays 8% interest compoundedannually and you made a deposit. You made no more deposits andin exactly two years you withdraw all of the funds and close theaccount. The balance at the time you closed the account was$419.90. How much did you initially deposit?

Step 1: Identify the given values.Interest rate = 8% per year (compounded annually)Time period = 2…

Answered: You opened a bank account that pays 8%…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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8. On April 1, you opened a savings account at Main Street Savings Bank with a deposit of $817.25. At the end of October the interest was computed at an annual rate of 6% and added to the balance in your account.. a. How much simple interest did your money earn? b. What was your new balance?
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please show me how to enter this into a financial calculator, i cannot use formaulas for these problems.
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You opened a bank account that pays 8% interest compounded annually and you made a deposit. You made no more deposits and in exactly two years you withdraw all of the funds and close the account. The balance at the time you closed the account was $419.90. How much did you initially deposit?