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heatherlambert2
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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
heatherlambert2 Group Title
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

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heatherlambert2 Group TitleBest ResponseYou've already chosen the best response.0
$1,045.97 $1,089.72 $1,265.39 $1,396.83
 one year ago

roberman228 Group TitleBest ResponseYou've already chosen the best response.0
wait one sec i'll get it
 one year ago

heatherlambert2 Group TitleBest ResponseYou've already chosen the best response.0
Okay. Thank you!
 one year ago

roberman228 Group TitleBest ResponseYou've already chosen the best response.0
i'm not completely sure if this is correct
 one year ago

roberman228 Group TitleBest ResponseYou've already chosen the best response.0
first i would take each number and multiply by 2.9
 one year ago

roberman228 Group TitleBest ResponseYou've already chosen the best response.0
i would say that the answer is 1,265.39
 one year ago

heatherlambert2 Group TitleBest 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

heatherlambert2 Group TitleBest 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
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