Find the amount in the account for the given principal, interest rate, time, and compounding period.Pequals1 comma 900, requals3.5%, tequals4 years; compounded daily

Solution

Solution

Amount : 1035.24

Solution steps

Translate the problem into an equation:

A = 900 (1 + \frac{0.035}{365})^{365 \cdot 4}

900 (1 + \frac{0.035}{365})^{365 \cdot 4} = 1035.23947 \dots

Round to the nearest hundredth:

1035.24

Amount : 1035.24

Popular Examples

How much interest is earned on 140 at 7% for five years?the sum of two numbers is 53. if twice the first number minus three times the second number is 26, find both numbers The sum of two numbers is 32 . The second number is 5 more than twice the first number.decrease 35 by 60% whats the new amount?Find the accumulated value of an investment of 1400 at 8% compounded quarterly for 4 years.

Find the amount in the account for the given​ principal, interest​ rate, time, and compounding period.Pequals​1 comma 900​, requals3.5​%, tequals4 ​years; compounded daily

Solution

Solution

Popular Examples

Find the amount in the account for the given principal, interest rate, time, and compounding period.Pequals1 comma 900, requals3.5%, tequals4 years; compounded daily