A couple deposits 19,000 into an account earning 6% 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.

Lösung

A couple deposits 19, 000 into an account earning 6% 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.

Lösung

Amount : 46729

Schritte zur Lösung

Translate the problem into an equation:

A = 19000 (1 + \frac{0.06}{365})^{365 \cdot 15}

19000 (1 + \frac{0.06}{365})^{365 \cdot 15} = 46729.00269 \dots

Round to the nearest hundredth:

46729

Amount : 46729

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