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Homework Help: I need serious help with Word Problems in Math 11 Level.

  1. Oct 11, 2004 #1
    Alright, I am learning about interest rate and stuff like that and I get it, but I seriously SUCK at word problems.

    For example, here is the question:

    1) On March 14, the balance in a daily interest account was $870. No deposits or withdrawals were made. The annual intrest rate was 3 3/4%. Calculate the balance on June 19.

    I know the general rules are:

    1) Accumulated amount = Principle + I

    2) A = P(1+i)

    3) A = P ( 1 + t/m) ^ n*m

    I don't even know how to tackle the question.

    PLEASE HELP
     
  2. jcsd
  3. Oct 11, 2004 #2
    Please help >_<
     
  4. Oct 11, 2004 #3
    Here is what I've got:

    P is the principal amount, $870.00.

    r is the interest rate, 3.75% per year, or in decimal form, 3.75/100=0.0375.

    The best I could do for time is 97 days, or 97/365 = .2658

    t is the time involved, 0.2658....year(s) time periods.

    So, t is 0.2658....year time periods.

    I multiply 870 × 0.0375 × 0.2658

    The interest is: $8.67

    870.00 + 8.67 = $878.67 on June 19.

    Am I right?
     
  5. Oct 11, 2004 #4
    I am not sure from just the way you described it but I did a simlar thing method.... and found the same answer

    [tex] \frac{870*.0375}{365}*97+870=878.67 [/tex]
     
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