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

1. Oct 11, 2004

### Gamecubesupreme

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. Oct 11, 2004 ### Gamecubesupreme Please help >_< 3. Oct 11, 2004 ### Gamecubesupreme 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?

4. Oct 11, 2004

### Tom McCurdy

I am not sure from just the way you described it but I did a simlar thing method.... and found the same answer

$$\frac{870*.0375}{365}*97+870=878.67$$