Quantcast

A community for students. Sign up today!

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

keeponbleeding

  • 2 years ago

Sean currently has an account balance of $3,981.04. He opened the account five years ago with a deposit of $3,760.19. If the interest compounds daily, what is the interest rate on the account?

  • This Question is Closed
  1. keeponbleeding
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    0.6%?

  2. helder_edwin
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    if the interest rate is r% per year then after five years you should have \[ \large 3981.04=3760.19(1+r/100)^5 \]

  3. helder_edwin
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    solve for r

  4. keeponbleeding
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    100.1?

  5. helder_edwin
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    no

  6. helder_edwin
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    solving for \(r\): \[ \large 100\cdot\left(\sqrt[5]{\frac{3981.04}{3760.19}}-1\right)=r \]

  7. keeponbleeding
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    \[100*(5\sqrt1.05 -1)=r\] 100*(5.12-1)=r 100*4.14=r 414=r??!

  8. helder_edwin
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    no

  9. helder_edwin
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    use a calculator. the fraction inside the root is not 1.05

  10. keeponbleeding
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    idk. i give up

  11. helder_edwin
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    r=1.1480

  12. keeponbleeding
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    thanks so much. im not usually this thick...must study more XD

  13. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Ask a Question
Find more explanations on OpenStudy

Your question is ready. Sign up for free to start getting answers.

spraguer (Moderator)
5 → View Detailed Profile

is replying to Can someone tell me what button the professor is hitting...

23

  • Teamwork 19 Teammate
  • Problem Solving 19 Hero
  • You have blocked this person.
  • ✔ You're a fan Checking fan status...

Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.