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George invested 27,700 at 9% to be compounded daily. What will be the value of George's investment in 3 years?

Solution

George invested 27, 700 at 9% to be compounded daily. What will be the value of George's investment in 3 years?

Solution

Amount : 36284.81

Solution steps

Translate the problem into an equation:

A = 27700 (1 + \frac{0.09}{365})^{365 \cdot 3}

27700 (1 + \frac{0.09}{365})^{365 \cdot 3} = 36284.80762 \dots

Round to the nearest hundredth:

36284.81

Amount : 36284.81

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