Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

heatherlambert2

  • 3 years 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?

  • This Question is Closed
  1. heatherlambert2
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    $1,045.97 $1,089.72 $1,265.39 $1,396.83

  2. roberman228
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    wait one sec i'll get it

  3. heatherlambert2
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Okay. Thank you!

  4. roberman228
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    i'm not completely sure if this is correct

  5. roberman228
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    first i would take each number and multiply by 2.9

  6. roberman228
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    i would say that the answer is 1,265.39

  7. heatherlambert2
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 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.

  8. heatherlambert2
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    I got 0.00725 by dividing 0.029 by 4 because it is compounded quarterly.

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

    • Attachments:

Ask your own question

Sign Up
Find more explanations on OpenStudy
Privacy Policy