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Lukecrayonz
Group Title
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
 one year ago
 one year ago
Lukecrayonz Group Title
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
 one year ago
 one year ago

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Lukecrayonz Group TitleBest ResponseYou've already chosen the best response.1
@ganeshie8
 one year ago

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

ganeshie8 Group TitleBest ResponseYou've already chosen the best response.1
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 %
 one year ago

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

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

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

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