Quantcast

Got Homework?

Connect with other students for help. It's a free community.

  • across
    MIT Grad Student
    Online now
  • laura*
    Helped 1,000 students
    Online now
  • Hero
    College Math Guru
    Online now

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

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

  • This Question is Closed
  1. Lukecrayonz Group Title
    Best Response
    You've already chosen the best response.
    Medals 1

    @ganeshie8

    • one year ago
  2. ganeshie8 Group Title
    Best Response
    You've already chosen the best response.
    Medals 1

    this is not as hard as the previous problem

    • one year ago
  3. ganeshie8 Group Title
    Best Response
    You've already chosen the best response.
    Medals 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
  4. ganeshie8 Group Title
    Best Response
    You've already chosen the best response.
    Medals 1

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

    • one year ago
  5. ganeshie8 Group Title
    Best Response
    You've already chosen the best response.
    Medals 1

    you need to use calculator to find x

    • one year ago
  6. Lukecrayonz Group Title
    Best Response
    You've already chosen the best response.
    Medals 1

    444!

    • one year ago
  7. ganeshie8 Group Title
    Best Response
    You've already chosen the best response.
    Medals 1

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

    • one year ago
  8. Lukecrayonz Group Title
    Best Response
    You've already chosen the best response.
    Medals 1

    I'll make new posts for each question @ganeshie8

    • one year ago
    • Attachments:

See more questions >>>

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
  • 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.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.