The formula to calculate the total amount in her savings account after y years, with an interest of 7% is:
[tex]T=S(1.07)^y[/tex]Where S is the inicial saving
Thereby, after 5 years and a total of $1000.00 in her account,
[tex]\begin{gathered} 1000=S(1.07)^5\rightarrow S=\frac{1000}{(1.07)^5} \\ \\ \rightarrow S=712.99 \end{gathered}[/tex]Therefore, Norma's initial deposit was $712.99
