Present value (principal amount), P
Future value, F = 16360.93
n=60/6=10compound
interest per period, i = 0.0505/2 = 0.02525
Using compound interest formula,
F=P(1+i)^n
or
16360.93=P(1+0.0505/2)^10
Solve for P=16360.93/1.02525^10= $12750.00
Answer: The principal amount is $12750.00 (to the nearest cent)
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