How much must you deposit in an account that pays 7% annual interest compounded yearly to have a balance of $550 after 5 years? Please answer quick! Thank uuu

Correct Deposit D = 392 $

Step-by-step explanation:

Given:

The ultimate value or balance  B = 550 $

interest rate r = 7 %  in decimal notation r = 0.07

n = 5 years   accounting period

Deposit  D = ?

This is a compound interest account to which the following formula applies:

B = D (1 + p)ⁿ  ⇒  D = B /  (1 + p)ⁿ

D = B /  (1 + p)ⁿ = 550 / (1 + 0.07)⁵ = 550 / 1.4 = 392.14 ≈ 392 $

D = 392 $

God is with you!!!

the barter