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- 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

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- Lukecrayonz

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- Lukecrayonz

- ganeshie8

this is not as hard as the previous problem

- 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

use your compound interest formula :-
\(x(1 + .035/365)^{365*9} = 608.93\)
solve x

- ganeshie8

you need to use calculator to find x

- Lukecrayonz

444!

- ganeshie8

perfect !
http://www.wolframalpha.com/input/?i=x%281%2B.035%2F365%29%5E%28365*9%29+%3D+608.93

- Lukecrayonz

I'll make new posts for each question @ganeshie8

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