Darren invests 4, 500 into an account that earns 5% annual interest. How much will be in the account after 10 years if the interest rate is compounded daily?

Solución

Solución

Amount : 7418.99

Pasos de solución

Translate the problem into an equation:

A = 4500 (1 + \frac{0.05}{365})^{365 \cdot 10}

4500 (1 + \frac{0.05}{365})^{365 \cdot 10} = 7418.99166 \dots

Round to the nearest hundredth:

7418.99

Amount : 7418.99

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