Funds are deposited in a savings account at an interest rate of 8% per annum. if the interest is compounded semi-annually, what is most nearly the initial amount that must be deposited to yield a total of $10,000 in 1?

Initial amount will be $9238.454

Explanation:

We have given amount after 1 year A = $10000

Rate of interest r = 8%

Time t = 1 year

Interest is compounded quarterly

So time period = 4

And rate of interest %

We have to find the initial amount P

Final amount is given by

P = $9238.454

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