+MEDAL WILL BE AWARDED!+

Carl deposited $5,142 into a savings account 20 years ago. The account has an interest rate of 3.8% and the balance is currently $10,994.58. How often does the interest compound?

daily

monthly

quarterly

annually

Question

+MEDAL WILL BE AWARDED!+ 

Carl deposited $5,142 into a savings account 20 years ago. The account has an interest rate of 3.8% and the balance is currently $10,994.58. How often does the interest compound?

daily

monthly

quarterly

annually

rockinhood · Answer

@sweetburger ? Perhaps @Nnesha ?

mertsj · Answer

$$A=P(1+\frac{r}{n})^{nt}$$
$$10994.58=5142(1+\frac{.038}{n})^{20n}$$

rockinhood · Answer

5,142(1 + .038/365)^7300
I found was = to what I needed

rockinhood · Answer

So daily is my answer? http://www.wolframalpha.com/input/?i=5%2C142%281+%2B+.038%2F365%29%5E7300