Find the amount in the account for the given principal, interest rate, time, and compounding period.Pequals1,500, requals2.5%, tequals3 years; compounded daily

Solución

Find the amount in the account for the given principal, interest rate, time, and compounding period.Pequals1, 500, requals2.5%, tequals3 years; compounded daily

Solución

Amount : 1616.82

Pasos de solución

Translate the problem into an equation:

A = 1500 (1 + \frac{0.025}{365})^{365 \cdot 3}

1500 (1 + \frac{0.025}{365})^{365 \cdot 3} = 1616.82207 \dots

Round to the nearest hundredth:

1616.82

Amount : 1616.82

Ejemplos populares

Translate to an algebraic expression: 11 increased by a number,Jeffrey and Tisha deposit 8,142.00 into a savings account which earns 5% interest compounded monthly. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?The sum of two consecutive odd integers is −40 Joel invests 25,000 with an interest rate of 3.5% compounded quarterly. After 9 years, what is the total amount Joel's investment?If 4 less than 3 times a certain number is 2 more than the number, what is the number?

Find the amount in the account for the given​ principal, interest​ rate, time, and compounding period.Pequals​1,500​, requals2.5​%, tequals3 ​years; compounded daily

Solución

Solución

Ejemplos populares

Find the amount in the account for the given principal, interest rate, time, and compounding period.Pequals1,500, requals2.5%, tequals3 years; compounded daily