Answer:
The principal is $903.78.
Step-by-step explanation:
To find amount we use formula:
A=P(1+rn)n⋅t
A = total amount
P = principal or amount of money deposited,
r = annual interest rate
n = number of times compounded per year
t = time in years
In this example we have
A=$950 , r=0.5% , n=1 and t=10 years
After plugging the given information we have
950950950PP=P(1+0.0051)1⋅10=P⋅1.00510=P⋅1.05114=9501.05114=903.78
