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Zachary invested 130 in an account paying an interest rate of 3.6% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 11 years?

Solution

Solution

Amount : 193.16

Solution steps

Translate the problem into an equation:

A = 130 (1 + \frac{0.036}{365})^{365 \cdot 11}

130 (1 + \frac{0.036}{365})^{365 \cdot 11} = 193.15923 \dots

Round to the nearest hundredth:

193.16

Amount : 193.16

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