Can someone please help me??
Haley has deposited $816 in a savings account that earns interest at a rate of 2.9% compounded daily. What will the account balance be in nine years? $1,055.43
$2,366.40
$839.66
$1,059.34

Question

Can someone please help me??
Haley has deposited $816 in a savings account that earns interest at a rate of 2.9% compounded daily. What will the account balance be in nine years? $1,055.43
$2,366.40 
$839.66 
$1,059.34

jim_thompson5910 · Answer

A = P(1 + r/n)^(n*t)

A = 816(1 + 0.029/365)^(365*9)

A = ???

anonymous · Answer

1059.3428? So D?

jim_thompson5910 · Answer

good

anonymous · Answer

Thank you so much <333

jim_thompson5910 · Answer

you're welcome

anonymous · Answer

could you help me with another, please?

jim_thompson5910 · Answer

ok, one more

anonymous · Answer

Thank you! I appreciate it so much. <3

 Fabian has a savings account balance of $1,374.73. The interest rate on the account is 3.9% compounded twice a year. If he opened the account nine years ago, what was the value of his initial deposit?

$1,154.43

$1,322.23

$352.49

$971.06

jim_thompson5910 · Answer

ok one sec

anonymous · Answer

ok

jim_thompson5910 · Answer

A = P(1 + r/n)^(n*t)

1374.73 = P(1 + 0.039/2)^(2*9)

now you want to solve for P to get your answer

does that help?

anonymous · Answer

Yes it does! thank you! So the answer is D $971.06 ? :)

jim_thompson5910 · Answer

very good, you got the hang of this

anonymous · Answer

You really helped me understand it. I was confused about the formulas but now I'm not. Thanks again, you were a great help. I got an A on my test. :)