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OpenStudy (anonymous):
Aileen deposited money into an account in which interest is compounded semiannually at a rate of 2.1%. How much did she deposit if the total amount in her account after 3 years was $3952.08, and she made no other deposits or withdrawals?
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OpenStudy (anonymous):
what is 2.1% of $3952.08?
OpenStudy (anonymous):
do you know how to do this?
OpenStudy (anonymous):
3952.08* (2.1/100) 3952.08 * .021
OpenStudy (anonymous):
=82.99
OpenStudy (anonymous):
So, the first semiannual increase would be 3952.08 + 82.99.
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OpenStudy (anonymous):
And because it's a compounded rate, start increasing by 2.1% from there, nt from the original amount.
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