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Madison invested 3,300 in an account paying an interest rate of 6.7% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 5 years?

Solution

Madison invested 3, 300 in an account paying an interest rate of 6.7% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 5 years?

Solution

Amount : 4613.06

Solution steps

Translate the problem into an equation:

A = 3300 (1 + \frac{0.067}{365})^{365 \cdot 5}

3300 (1 + \frac{0.067}{365})^{365 \cdot 5} = 4613.06145 \dots

Round to the nearest hundredth:

4613.06

Amount : 4613.06

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