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heatherlambert2

  • one year ago

Joshua opened a savings account 11 years ago. The interest rate was 2.9% compounded quarterly. If his balance is currently $1,437.34, how much did he originally deposit into the account?

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  1. heatherlambert2
    • one year ago
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    $1,045.97 $1,089.72 $1,265.39 $1,396.83

  2. roberman228
    • one year ago
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    wait one sec i'll get it

  3. heatherlambert2
    • one year ago
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    Okay. Thank you!

  4. roberman228
    • one year ago
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    i'm not completely sure if this is correct

  5. roberman228
    • one year ago
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    first i would take each number and multiply by 2.9

  6. roberman228
    • one year ago
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    i would say that the answer is 1,265.39

  7. heatherlambert2
    • one year ago
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    Well, I did 1437.34=p(1+0.00725)^11 1437.34=p(1.00725)^11 1437.34=p(1.08270474) then divide 1.08270474 from both sides and I got p=1327.55 and that isn't one of the answers.

  8. heatherlambert2
    • one year ago
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    I got 0.00725 by dividing 0.029 by 4 because it is compounded quarterly.

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