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Calculating Initial Deposit from Rate of Return
An individual made a deposit into a savings account one year ago. Today, the account balance is $2,090. If the annual rate of return on this deposit was 4.5%, what was the amount of the initial deposit? Please provide the final answer and the key calculation step.
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Economics
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Ch.6 The financial sector: Debt, money, and financial markets - The Economy 2.0 Macroeconomics @ CORE Econ
The Economy 2.0 Macroeconomics @ CORE Econ
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Introduction to Macroeconomics Course
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An investor held two separate bank deposits for one year. Deposit A grew from $2,000 to $2,080. Deposit B grew from $5,000 to $5,225. Which statement correctly evaluates the performance of these deposits based on their respective rates of return?
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If two separate bank deposits, one starting with a balance of $500 and the other with $1,000, both have a final balance that is $50 greater than the initial deposit after one year, then both deposits have achieved the same rate of return.