Javier opened a savings account 5 years ago the account earns 3%interest compounded quarterly if the current balance is 200.00 how much did he deposit initially

Javier deposited $178.79 initially

Step-by-step explanation:

Compound Interest

It occurs when the interest is reinvested rather than paying it out. It's basically earning interest over interest.

The formula is:

Where:

A=final amount

P=initial principal balance

r=interest rate

n=number of times interest applied per time period

t=number of time periods elapsed

If the final amount is known, we can solve for the principal:

Javier opened a savings account t=5 years ago. The account has an interest rate of r=3%= 0.03 compounded quarterly. Since there are 4 quarters in a year, n=4. The current balance is A=$200. Let's calculate the initial balance or principal:

Javier deposited $178.79 initially

$79500

step-by-step explanation: