Joshua opened a savings account 11 years ago. The interest rate was 2.9% compounded quarterly. If his balance is currently $1,437.34, how much did he originally deposit into the account?

Question

anonymous · Answer

$1,045.97
$1,089.72
$1,265.39
$1,396.83

anonymous · Answer

wait one sec i'll get it

anonymous · Answer

Okay. Thank you!

anonymous · Answer

i'm not completely sure if this is correct

anonymous · Answer

first i would take each number and multiply by 2.9

anonymous · Answer

i would say that the answer is 1,265.39

anonymous · Answer

Well, I did 1437.34=p(1+0.00725)^11
1437.34=p(1.00725)^11
1437.34=p(1.08270474) then divide 1.08270474 from both sides and I got p=1327.55 and that isn't one of the answers.

anonymous · Answer

I got 0.00725 by dividing 0.029 by 4 because it is compounded quarterly.