Since we know the future alue of the account, using the formula for the compounded interest with n = 365 (since the account is compounded daily), t=10, r = 4% and A=50000 in the following equation:
[tex]A=P(1+\frac{r}{n})^{n\cdot t}[/tex]using these values and solving for P, we get:
[tex]\begin{gathered} 50000=P(1+\frac{0.04}{365})^{365\cdot10} \\ \Rightarrow P=\frac{50000}{(1+\frac{0.04}{365})^{3650}}=33516.74 \\ P=33,516.74 \end{gathered}[/tex]therefore, the original amount deposited 10 years ago is $33,516.74
