A community for students.
Here's the question you clicked on:
 0 viewing
Lukecrayonz
 2 years ago
Ralph has an account balance of $608.93 in a savings account that earns interest at a rate of 3.5% compounded daily. If Ralph opened the account nine years ago, what was the principal deposit rounded to the nearest dollar?
$464
$589
$603
$444
Lukecrayonz
 2 years ago
Ralph has an account balance of $608.93 in a savings account that earns interest at a rate of 3.5% compounded daily. If Ralph opened the account nine years ago, what was the principal deposit rounded to the nearest dollar? $464 $589 $603 $444

This Question is Closed

ganeshie8
 2 years ago
Best ResponseYou've already chosen the best response.1this is not as hard as the previous problem

ganeshie8
 2 years ago
Best ResponseYou've already chosen the best response.1lets say, x is the principal deposit 9 years back. then, x has grown to 608.93 in 9 years compounding daily at a rate of 3.5 %

ganeshie8
 2 years ago
Best ResponseYou've already chosen the best response.1use your compound interest formula : \(x(1 + .035/365)^{365*9} = 608.93\) solve x

ganeshie8
 2 years ago
Best ResponseYou've already chosen the best response.1you need to use calculator to find x

ganeshie8
 2 years ago
Best ResponseYou've already chosen the best response.1perfect ! http://www.wolframalpha.com/input/?i=x%281%2B.035%2F365%29%5E%28365*9%29+%3D+608.93

Lukecrayonz
 2 years ago
Best ResponseYou've already chosen the best response.1I'll make new posts for each question @ganeshie8
Ask your own question
Sign UpFind more explanations on OpenStudy
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.