anonymous
  • anonymous
How would I set up this problem? - Minnie deposited $5,375 into a savings account 18 years ago. The account has an interest rate of 3.2% and the balance is currently $9,561.39. How often does the interest compound?
Mathematics
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.

Get our expert's

answer on brainly

SEE EXPERT ANSWER

Get your free account and access expert answers to this
and thousands of other questions.

anonymous
  • anonymous
How would I set up this problem? - Minnie deposited $5,375 into a savings account 18 years ago. The account has an interest rate of 3.2% and the balance is currently $9,561.39. How often does the interest compound?
Mathematics
chestercat
  • chestercat
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.

Get this expert

answer on brainly

SEE EXPERT ANSWER

Get your free account and access expert answers to this
and thousands of other questions

tkhunny
  • tkhunny
Solve! \(5375.00\left(1 + \dfrac{0.032}{m}\right)^{18*m} = 9561.39\) Of course, you cannot solve that for m, so I'd just try a few values. \(5375.00\left(1 + \dfrac{0.032}{1}\right)^{18*1} = ??\) \(5375.00\left(1 + \dfrac{0.032}{2}\right)^{18*2} = ??\) \(5375.00\left(1 + \dfrac{0.032}{4}\right)^{18*4} = ??\) \(5375.00\left(1 + \dfrac{0.032}{12}\right)^{18*12} = ??\) If none of those works, we'll just have to work a little harder. Note: Continuous compounding gives $9,561.50. Maybe we should try: \(5375.00\left(1 + \dfrac{0.032}{52}\right)^{18*52} = ??\) \(5375.00\left(1 + \dfrac{0.032}{365}\right)^{18*365} = ??\)

Looking for something else?

Not the answer you are looking for? Search for more explanations.

More answers

Looking for something else?

Not the answer you are looking for? Search for more explanations.