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Jocelyn invested 390 in an account paying an interest rate of 2.7% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 18 years?

Solution

Solution

Amount : 634.05

Solution steps

Translate the problem into an equation:

A = 390 (1 + \frac{0.027}{365})^{365 \cdot 18}

390 (1 + \frac{0.027}{365})^{365 \cdot 18} = 634.05060 \dots

Round to the nearest hundredth:

634.05

Amount : 634.05

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