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Phổ biến Word Problems >

You deposit 500 in an account that pays 2.5% annual interest. Find the balance after 2 years when the interest is compounded daily. Round your answer to the nearest cent.

Lời Giải

Y o u d e p os i t 500 in an a cco u n t t ha t p a ys 2.5% ann u a l in t eres t . F in d t h e ba l an ce a f t er 2 ye a rs w h e n t h e in t eres t i s co m p o u n d e d d ai l y . R o u n d yo u r an s w er t o t h e n e a res t ce n t .

Lời Giải

Amount : 525.63

Các bước giải pháp

Translate the problem into an equation:

A = 500 (1 + \frac{0.025}{365})^{365 \cdot 2}

500 (1 + \frac{0.025}{365})^{365 \cdot 2} = 525.63464 \dots

Làm tròn đến hundredth gần nhất:

525.63

Amount : 525.63

Ví dụ phổ biến

if a man has 70 and gives 60 to a friend how much will be left find the simple interest on 500 at 8% for 2 years Yusuf is going to invest in an account paying an interest rate of 6.5% compounded quarterly. How much would Yusuf need to invest, to the nearest ten dollars, for the value of the account to reach 1,330 in 6 years?Josue is going to invest in an account paying an interest rate of 3.1% compounded quarterly. How much would Josue need to invest, to the nearest hundred dollars, for the value of the account to reach 1,170 in 13 years?the sum of negative 12 and a number