Answer:
$ 75,673.89
Step-by-step explanation:
The formula for compounded interest is:
[tex]A = P *(1 + \frac{r}{n} )^{nt}[/tex]
here A = total value in future
P= principal amount
r= annual interest rate
n= number of times interest is compounded
t= time (in years) the interest is compounded for
Plugging in values from the question we get:
250,000 = P * (1 + 0.1/12)^(12*12)
Solving for the principal amount (P) we get $ 75,673.89
