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Math Help - determining the time period

  1. #1
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    determining the time period

    judit received the proceeds from an inheritance on march 25. She wants to set aside enough on March 26 so that she will have $20 000 available on october 1 to purchase a car when the new models are introduced. If the current interest rate on the 181 - 270 day term deposits is 3.75% what amount should she place in the term deposit?

    i'm confused on the time line

    |____________|____________________________________ ________|
    march25
    day 84

    march 26
    (day 85)

    oct 1
    (day 274)

    i'm not sure on where she deposits the 20,000 dollars

    p =
    r = 0.0375
    t =
    i = 20,000 (? )
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  2. #2
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    Quote Originally Posted by diehardmath4 View Post
    judit received the proceeds from an inheritance on march 25. She wants to set aside enough on March 26 so that she will have $20 000 available on october 1 to purchase a car when the new models are introduced. If the current interest rate on the 181 - 270 day term deposits is 3.75% what amount should she place in the term deposit?
    march 26 (day 85)
    oct 1 (day 274)
    i'm not sure on where she deposits the 20,000 dollars
    $20,000 is not deposited: a certain amount which will accumulate
    to $20,000 is deposited on Mar 26.

    days = 274 - 85 = 189
    interest = .0375 / 365 * 189 = .0194 (rounded)

    x = amount deposited on Mar 26; then:
    x + .0194x = 20000
    1.0194x = 20000
    x = 20000 / 1.0194 = 19,619.38 (rounded)
    Got that?
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