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.

Solución

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.

Solución

Amount : 46729

Pasos de solución

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

Ejemplos populares

Eric opened a savings account and deposited 100.00 as principal. The account earns 10% interest, compounded quarterly. What is the balance after 5 years?real number sqrt(1/9)Madelyn opened a savings account and deposited 1,000.00. The account earns 6% interest, compounded quarterly. If she wants to use the money to buy a new bicycle in 2 years, how much will she be able to spend on the bike?What is the volume of a sphere with a diámetro of 3.6 ft, rounded to the nearest tenth of a cubic foot?3600 dollars is placed in a account with a annual interest rate of 9%. how much will be in the account after 25 years