Answer:
The Amount initially deposited is $37046.64
Step-by-step explanation:
A = p (1+r/n)^(nt)
A= final amount= $5000
P = principal amount=
r = rate = 0.05
n = number of times compounded
= 6*12
= 48
t = years= 6
A = p (1+r/n)^(nt)
50000 = p (1+0.05/48)^(48*6)
50000= p(1.001041667)^288
50000= p (1.34965)
50000/1.34965= p
37046.64 = p
The Amount initially deposited is $37046.64
