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A couple deposits 17,000 into an account earning 2% annual interest for 15 years. Calculate the future value of the investment if the interest is compounded daily. Round your answer to the nearest cent.

Solution

A couple deposits 17, 000 into an account earning 2% annual interest for 15 years. Calculate the future value of the investment if the interest is compounded daily. Round your answer to the nearest cent.

Solution

Amount : 22947.41

Solution steps

Translate the problem into an equation:

A = 17000 (1 + \frac{0.02}{365})^{365 \cdot 15}

17000 (1 + \frac{0.02}{365})^{365 \cdot 15} = 22947.41112 \dots

Round to the nearest hundredth:

22947.41

Amount : 22947.41

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