Avishek deposits $X in a bank account paying i(52) = 8.500%. One year later, his balance has grown to $1279.50. What was his initial balance $X? (No dates or daycount
convention are given, so use theoretical time; i.e. 1 year = 365 days = 52 weeks = 12 months etc. and count time in periods. e.g. 3 weeks = 3/52 years; 3 months = 0.25 years,
etc.)
a. $1,187.07
b. $1,175.32
c. $1,184.72
d. $1,198.83
e. $1,156.51