Lukecrayonz
  • Lukecrayonz
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
Mathematics
jamiebookeater
  • jamiebookeater
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Lukecrayonz
  • Lukecrayonz
ganeshie8
  • ganeshie8
this is not as hard as the previous problem
ganeshie8
  • ganeshie8
lets 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 %

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ganeshie8
  • ganeshie8
use your compound interest formula :- \(x(1 + .035/365)^{365*9} = 608.93\) solve x
ganeshie8
  • ganeshie8
you need to use calculator to find x
Lukecrayonz
  • Lukecrayonz
444!
ganeshie8
  • ganeshie8
perfect ! http://www.wolframalpha.com/input/?i=x%281%2B.035%2F365%29%5E%28365*9%29+%3D+608.93
Lukecrayonz
  • Lukecrayonz
I'll make new posts for each question @ganeshie8

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