Answer:
The original amount deposit is $1641627.68.
Step-by-step explanation:
Given : If your balance after 8 years in the bank at a rate of interest of 11%% is 3783193.
To find : How much was your original deposit?
Solution :
Applying interest formula,
[tex]A=P(1+r)^t[/tex]
Where, A is the amount i.e. A=$3783193
P is the principal value i.e. the original deposit
r is the interest rate r=11%=0.11
t is the time t=8 years.
Substitute the value in the formula,
[tex]3783193=P(1+0.11)^8[/tex]
[tex]3783193=P(1.11)^8[/tex]
[tex]3783193=P\times 2.30[/tex]
[tex]P=\frac{3783193}{2.30}[/tex]
[tex]P=1641627.68[/tex]
Therefore, The original amount deposit is $1641627.68.
