he

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

פּוֹפּוּלָרִי Word Problems >

Joshua invested 97,000 in an account paying an interest rate of 6% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 8 years?

פתרון

J os h u a in v es t e d 97, 000 in an a cco u n t p a y in g an in t eres t r a t e o f 6% co m p o u n d e d d ai l y . A ss u min g n o d e p os i t s or w i t h d r a w a l s a re ma d e, h o w m u c h m o n ey, t o t h e n e a res t ce n t, w o u l d b e in t h e a cco u n t a f t er 8 ye a rs ?

פתרון

Amount : 156753.03

צעדי פתרון

Translate the problem into an equation:

A = 97000 (1 + \frac{0.06}{365})^{365 \cdot 8}

97000 (1 + \frac{0.06}{365})^{365 \cdot 8} = 156753.03333 \dots

Round to the nearest hundredth:

156753.03

Amount : 156753.03

דוגמאות פופולריות

Santiago is going to invest in an account paying an interest rate of 1.5% compounded quarterly. How much would Santiago need to invest, to the nearest dollar, for the value of the account to reach 320 in 14 years?Mia is going to invest in an account paying an interest rate of 4.3% compounded continuously. How much would Mia need to invest, to the nearest cent, for the value of the account to reach 13,700 in 18 years?The diameter of a circle is 32 cm. Find its area to the nearest whole number.A bicycle rider travels 50 km from North to South in 2.5 hours.What is the cyclist’s speed?What is the velocity of the cyclist?Jackson invested 8,800 in an account paying an interest rate of 7% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 13 years?