Question

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?

Answer 1

$1,045.97

$1,089.72

$1,265.39

$1,396.83

Answer 2

help please :)

Answer 3

you still there?

Answer 4

yes

Answer 5

All we need to do is find 2.9% Of the total amount you earned and subtract the total amount you earned, so

2.9% of 1437.34-1437.34

Answer 6

To find 2.9% of 1437.34 you need to multiply 2.9 by 1437.34 and subtract I think, or that is the percent itself...

Answer 7

Oooh I think I made a mistake, dont multiply 2.9% by 1437.34, but multiply .29

Answer 8

Do this and tell me what you get.

Answer 9

41.68

Answer 10

What did you multiply by? I'm sorry. :)

Answer 11

I did 2.9% x 1437.34 and got 41.68

Answer 12

Yeah my bad, dont add the percent tag, just add a decimal to the number so it becomes .29 and multiply by 1437.34, you should get 416.82. Subtract 416.82 and you should get your answer. Take care!

Answer 13

thank you very much :)

Answer 14

what do I subtract 416.82 from?
@HyperChemist

Answer 15

1437.34-416.82

416.82 Is the 2.9 percent you got over the 11 years