Answer:
$439.98
Step-by-step explanation:
The initial deposit is the principal invested P
Step one:
we want to solve for the principal using the compound interest formula.
the formula is
A=P(1+r)^t
Step two:
given data
Final amount A=690.78
time t=8 years
rate r= 5.8%= 0.058
Step three:
Substituting in the expression we have
690.78=P(1+0.058)^8
690.78=P(1.058)^8
690.78=P*1.57
P=690.78/1.57
P=$439.98
The initial deposit is $439.98
