SOLUTION: On October 13 Jerry's $1,100 deposit matured at $1,127.12. It had been earning 4.5%. What was the date that he made the deposit?

Algebra ->  Finance -> SOLUTION: On October 13 Jerry's $1,100 deposit matured at $1,127.12. It had been earning 4.5%. What was the date that he made the deposit?      Log On


   

Question 1109005: On October 13 Jerry's $1,100 deposit matured at $1,127.12. It had been earning 4.5%. What was the date that he made the deposit?
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
+I+=+P%2Ar%2At+
+P+=+1100+
+I+=+1127.12+-+1100+
+I+=+27.12+
+r+=+.045+
-----------------
+27.12+=+1100%2A.045%2At+
+27.12+=+49.5t+
+t+=+.547878+
+.547878%2A365+=+199.976+
The deposit was made 200 days before Oct 13
Jan - 31 days
Feb - 28 days
Mar - 31 days
Apr = 30 days
May - 31 days
Jun - 30 days
Jul - 31 days
Aug - 31 days
Sept - 30 days
Oct - 13 days
-----------------
Apr 1 through Oct 13 is:
+13+%2B+30+%2B+31+%2B+31+%2B+30+%2B+31+%2B+30+=+196+
So, I need 4 days from March
+31+-+4+=+27+
He made the deposit on March 27
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check my math and get a 2nd opinion if needed