anonymous
  • anonymous
Pedro deposited $7,350 into a savings account 21 years ago. The account has an interest rate of 4.5% and the balance is currently $18,810.67. How often does the interest compound? a. daily b. monthly c. quarterly d. annually
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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schrodinger
  • schrodinger
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anonymous
  • anonymous
hug me ?
anonymous
  • anonymous
oh wait i already asked you i think
anonymous
  • anonymous
daily is divided by 365, monthly is divided how many months it says, quarterly you divide by 4, and annually you divide by 12.

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anonymous
  • anonymous
So do you know what the formula is if you wanted to figure how much you would have if you already knew what it was compounded by?
anonymous
  • anonymous
i dont :(
anonymous
  • anonymous
okay the formula would be \[a=p(1+r/n)^{nt}\]
anonymous
  • anonymous
just pick a random one... like lets try quarterly. \[a=7,350(1+.045/4)^{81}\]
anonymous
  • anonymous
Are you understanding?
anonymous
  • anonymous
so it would be daily?
anonymous
  • anonymous
If you did all the math and it come out to 7,350?
anonymous
  • anonymous
If so it would be correct.
anonymous
  • anonymous
thats what i got?
anonymous
  • anonymous
Then yes, it would be daily

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