Got Homework?
Connect with other students for help. It's a free community.
Here's the question you clicked on:
 0 viewing
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?
 one year ago
 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?
 one year ago
 one year ago

This Question is Closed

heatherlambert2Best ResponseYou've already chosen the best response.0
$1,045.97 $1,089.72 $1,265.39 $1,396.83
 one year ago

roberman228Best ResponseYou've already chosen the best response.0
wait one sec i'll get it
 one year ago

heatherlambert2Best ResponseYou've already chosen the best response.0
Okay. Thank you!
 one year ago

roberman228Best ResponseYou've already chosen the best response.0
i'm not completely sure if this is correct
 one year ago

roberman228Best ResponseYou've already chosen the best response.0
first i would take each number and multiply by 2.9
 one year ago

roberman228Best ResponseYou've already chosen the best response.0
i would say that the answer is 1,265.39
 one year ago

heatherlambert2Best ResponseYou've already chosen the best response.0
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.
 one year ago

heatherlambert2Best ResponseYou've already chosen the best response.0
I got 0.00725 by dividing 0.029 by 4 because it is compounded quarterly.
 one year ago
See more questions >>>
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.