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Popular Word Problems >

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

Solução

F in d t h e am o u n t in t h e a cco u n t f or t h e g i v e n ​ p r in c i p a l, in t eres t ​ r a t e, t im e, an d co m p o u n d in g p er i o d . P e q u a l s ​1, 500​, re q u a l s 2.5​%, t e q u a l s 3 ​ ye a rs; co m p o u n d e d d ai l y

Solução

Amount : 1616.82

Passos da solução

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

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