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Levi invested 5,300 in an account paying an interest rate of 2.4% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 6 years?

Solution

Levi invested 5, 300 in an account paying an interest rate of 2.4% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 6 years?

Solution

Amount : 6120.86

Solution steps

Translate the problem into an equation:

A = 5300 (1 + \frac{0.024}{365})^{365 \cdot 6}

5300 (1 + \frac{0.024}{365})^{365 \cdot 6} = 6120.85679 \dots

Round to the nearest hundredth:

6120.86

Amount : 6120.86

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