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 2 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?
 2 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?

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heatherlambert2
 2 years ago
Best ResponseYou've already chosen the best response.0$1,045.97 $1,089.72 $1,265.39 $1,396.83

roberman228
 2 years ago
Best ResponseYou've already chosen the best response.0wait one sec i'll get it

heatherlambert2
 2 years ago
Best ResponseYou've already chosen the best response.0Okay. Thank you!

roberman228
 2 years ago
Best ResponseYou've already chosen the best response.0i'm not completely sure if this is correct

roberman228
 2 years ago
Best ResponseYou've already chosen the best response.0first i would take each number and multiply by 2.9

roberman228
 2 years ago
Best ResponseYou've already chosen the best response.0i would say that the answer is 1,265.39

heatherlambert2
 2 years ago
Best ResponseYou've already chosen the best response.0Well, 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.

heatherlambert2
 2 years ago
Best ResponseYou've already chosen the best response.0I got 0.00725 by dividing 0.029 by 4 because it is compounded quarterly.
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