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:

Mass Media Campaigns

Organized efforts to communicate messages through various media channels to influence the public.

Point of Decision

A critical moment when a choice is made that influences outcomes.

Cost-effective

Denoting an initiative or method that achieves the desired outcome without excessive expenditure, ensuring efficient use of resources.

Behavior Change

A process or method to alter or improve individual or collective habits, actions, or patterns.