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Lukecrayonz
 one year 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
 one year 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

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

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

ganeshie8
 one year 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
 one year ago
Best ResponseYou've already chosen the best response.1I'll make new posts for each question @ganeshie8
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