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Populaire Word Problems >

9000 dollars is invested for 3 years with an APR of 2% and daily compounding. what is the balance in the account after 3 years

Solution

9000 d o ll a rs i s in v es t e d f or 3 ye a rs w i t h an A PR o f 2% an d d ai l y co m p o u n d in g . w ha t i s t h e ba l an ce in t h e a cco u n t a f t er 3 ye a rs

Solution

Amount : 9556.51

étapes des solutions

Translate the problem into an equation:

A = 9000 (1 + \frac{0.02}{365})^{365 \cdot 3}

9000 (1 + \frac{0.02}{365})^{365 \cdot 3} = 9556.51321 \dots

Arrondir à hundredth la plus proche:

9556.51

Amount : 9556.51

Exemples populaires

Two less than the product of 19 and a number the sum of a number time 7 and 26 is at least-19 seven times the sum of a number and 18 is at most is 17 the sum of a number times 5 and 28 is at least-15 Jodie borrowed 700 from her credit union and agreed to repay them that amount plus 4.49% simple annual interest accumulated over 4 years. how much will she return to the credit union at the end of the 4 years?