Carson invested 850 in an account paying an interest rate of 5.7% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 6 years?

Solution

Solution

Amount : 1196.56

Solution steps

Translate the problem into an equation:

A = 850 (1 + \frac{0.057}{365})^{365 \cdot 6}

850 (1 + \frac{0.057}{365})^{365 \cdot 6} = 1196.56430 \dots

Round to the nearest hundredth:

1196.56

Amount : 1196.56

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