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Zoey invested 230 in an account paying an interest rate of 6.3% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 12 years?

Solution

Solution

Amount : 489.81

Solution steps

Translate the problem into an equation:

A = 230 (1 + \frac{0.063}{365})^{365 \cdot 12}

230 (1 + \frac{0.063}{365})^{365 \cdot 12} = 489.80829 \dots

Round to the nearest hundredth:

489.81

Amount : 489.81

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