A community for students. Sign up today!
Here's the question you clicked on:
 0 viewing
 2 years ago
Paul deposited $6,460 into a savings account 17 years ago. The account has an interest rate of 4.3% and the balance is currently $13,400.91. How often does the interest compound? daily? monthly?quarterly? or annually?
 2 years ago
Paul deposited $6,460 into a savings account 17 years ago. The account has an interest rate of 4.3% and the balance is currently $13,400.91. How often does the interest compound? daily? monthly?quarterly? or annually?

This Question is Closed

xartaan
 2 years ago
Best ResponseYou've already chosen the best response.0Your book or teacher probably gave you the formula they want you to use for interest. A good way to tackle this would be, set up the equation using the information you've been given, that is, P,the principal (starting) ammount, and the current amount A, and the interest rate, r=.043. The only variable left is t, time, solving for t is all that you'll need to do.
Ask your own question
Ask a QuestionFind 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
 Engagement 19 Mad Hatter
 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.