Aleks quiz- please help!!!!

[Guest]

So there is this problem on my math app that wants me to find the total amount of money put into the bank based on interest. The problem is: Ahmad took out a loan for 292 days with an annual rate of 2.5%. The total interest he paid was 146 dollars. What was the original deposit?

[Guest]

Hi Alek,

So for this problem you are going to want to use a formula known as Peʳᵗ, which is the equation governing continual growth. Here's how the formula works:

A = P[tex]e^{rt}[/tex]

A is the ending amount. So we don't know exactly how much money Ahmad has at the end, but we know that he gained 146 dollars of interest. Since P represents the beginning amount, let's express A as "P+146", if that makes sense. Now let's move on to the next part of the formula. r represents the rate of growth. Since there is an annual growth rate of 2.5 percent, r should equal 0.025. Keeping in mind that r is a growth rate per year, let's move onto the final variable, t. "t" represents the amount of time the money is in the bank for. We need to convert 292 days into an equivalent amount of years, so we can use conversion factors:

292 days * 1 year/365 days = x years (I'll let you do the calculation so that I'm helping you and not doing the work for you)

Now you should have all four parts of the equation. Plug each part in, and then do some algebra and you'll get a value for P, the initial amount. If you want to check your work, you can plug everything back into the same equation and check that the value you get for A is 146 more than your answer.

Hope this helps!

[Guest]

Hi — I didn't realize ALEKS was an acronym, and that the probability that your name is Alek is highly unlikely. I feel dumb. Sorry!