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use the appropriate compound interest formula to compute the balance in the account after the stated period of time. 17000 dollars is invested for 2 years with an APR of 4.2% and daily compounding. what is the balance in the account after 2 years

Solution

Solution

Amount : 18489.6

Solution steps

Translate the problem into an equation:

A = 17000 (1 + \frac{0.042}{365})^{365 \cdot 2}

17000 (1 + \frac{0.042}{365})^{365 \cdot 2} = 18489.60184 \dots

Round to the nearest hundredth:

18489.6

Amount : 18489.6

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