After Selling a Bunch of Your Old "Junk" on E-Bay

question 23

Short Answer

After selling a bunch of your old "junk" on e-bay, you've made quite a bit of money. You deposit the money into a brand new savings account which offers an annual percentage rate of 6¾% compounded daily. You forget about the account and five years later find that it contains $18,300. How much money did you originally deposit into the account? Give your answer as a decimal rounded to the nearest hundredth.

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Definitions:

Joint stepfamily

A family type consisting of a couple and their children from previous relationships, as well as any children they may have together, living under one roof.

Biological child

A child resulting from the genetic contribution of both parents, as opposed to adopted or step-children.

Stepchild

A child of one's spouse by another partner; does not biologically relate to the stepmother or stepfather but may be raised by them.

Complex stepfamily

A family structure that includes children from previous relationships of both partners, creating a network of relationships more complicated than those in simple stepfamilies.