Here's the question you clicked on:
heatherlambert2
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?
$1,045.97 $1,089.72 $1,265.39 $1,396.83
wait one sec i'll get it
Okay. Thank you!
i'm not completely sure if this is correct
first i would take each number and multiply by 2.9
i would say that the answer is 1,265.39
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.
I got 0.00725 by dividing 0.029 by 4 because it is compounded quarterly.