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Kelly opened a savings account 13 years ago. She has not made any deposits or withdrawals since. The account earns 3​% interest compounded annually. The account balance is now ​$881. Find Kelly​'s original deposit.

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hawabiginwalla05

Answer:

The final amount is given by:

F=I(1+rt)

Where

I= initial amount

r= interest rate

t= time interval

F= final amount

Now in our case

r= 1.2

t= 7

F= $126

Therefore I=F/(1+rt) = 126/(1+1.2*7) = 13.4 dollars.

Step-by-step explanation:

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