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Tyra invests 5400 in a new savings account which earns 4.3% annual interest, compounded daily. What will be the value of her investment after 6 years? Round to the nearest cent.

Solution

Solution

Amount : 6989.32

Solution steps

Translate the problem into an equation:

A = 5400 (1 + \frac{0.043}{365})^{365 \cdot 6}

5400 (1 + \frac{0.043}{365})^{365 \cdot 6} = 6989.32340 \dots

Round to the nearest hundredth:

6989.32

Amount : 6989.32

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