Find the amount in the account for the given principal, interest rate, time, and compounding period.Pequals1,500, requals2.5%, tequals3 years; compounded daily

Solution

Find the amount in the account for the given principal, interest rate, time, and compounding period.Pequals1, 500, requals2.5%, tequals3 years; compounded daily

Solution

Amount : 1616.82

Solution steps

Translate the problem into an equation:

A = 1500 (1 + \frac{0.025}{365})^{365 \cdot 3}

1500 (1 + \frac{0.025}{365})^{365 \cdot 3} = 1616.82207 \dots

Round to the nearest hundredth:

1616.82

Amount : 1616.82

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Find the amount in the account for the given​ principal, interest​ rate, time, and compounding period.Pequals​1,500​, requals2.5​%, tequals3 ​years; compounded daily

Solution

Solution

Popular Examples

Find the amount in the account for the given principal, interest rate, time, and compounding period.Pequals1,500, requals2.5%, tequals3 years; compounded daily