Wednesday

July 30, 2014

July 30, 2014

Posted by **Naimy** on Monday, February 16, 2009 at 8:06pm.

- Math -
**Reiny**, Monday, February 16, 2009 at 8:22pmhow about

400(1.075)^10 ?

or $824.41

- Math -
**Ms. Sue**, Monday, February 16, 2009 at 8:40pmAt 0.75 percent, I don't think you'd more than double your money in just 2.5 years.

I got a different answer. I used 0.0075 as the multiplier and figured it the long way -- quarter by quarter.

In the first quarter you'd earn $3.00. Add that to the original 400 and again multiply by 0.0075. At the end of the second quarter, you'd have $406.02.

Finally, by the end of the 10th quarter, I got a total of $431.03.

- Ms Sue is right - Math -
**Reiny**, Monday, February 16, 2009 at 10:58pmof course!

I left out a zero, and then punched in that wrong value in my calculator, without thinking about the answer.

should have been

400(1.0075)^10

= 431.03

thanks for catching that

- Math -
**Ms. Sue**, Monday, February 16, 2009 at 11:06pmYou're welcome, Reiny.

**Related Questions**

College level math - Suppose you deposit $100 in an account that earns 0.5% each...

Math - Suppose you deposit $400 in an account that earn 0.75 percent each ...

Engineering Econonmy - You decide to open an IRS-approved retirement account at ...

math - you deposit $ 900 in a savings account that earns 4%interest coumpounded ...

algebra - 1. Suppose Mary deposits $200 at the end of each month for 30 years ...

math - Samantha opened a savings account and deposited some money into the ...

math - Suppose you start saving today for a $30,000 down payment that you plan ...

math - Suppose that you deposit $1735.50 in a savings account that pays 9.25% ...

math - Suppose you deposit $4900 into an account paying 0.025% simple daily ...

Math - Mona opened a savings account with a $500 deposit and a simple interest ...