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Populaire Word Problems >

Find the balance if Callie invests the 9000 in a money market fund that earns 2.72% compounded daily for 8 years. Round to the nearest cent.

Solution

F in d t h e ba l an ce i f C a ll i e in v es t s t h e 9000 in a m o n ey ma r k e t f u n d t ha t e a r n s 2.72% co m p o u n d e d d ai l y f or 8 ye a rs . R o u n d t o t h e n e a res t ce n t .

Solution

Amount : 11187.72

étapes des solutions

Translate the problem into an equation:

A = 9000 (1 + \frac{0.0272}{365})^{365 \cdot 8}

9000 (1 + \frac{0.0272}{365})^{365 \cdot 8} = 11187.71688 \dots

Arrondir à hundredth la plus proche:

11187.72

Amount : 11187.72

Exemples populaires

The sum of 4 consecutive integers is-14. What is the least of these integers?Andy is 8 years younger than her brother Tyler. The sum of their ages is 34. Define a variable and then write and solve an equation to find Andy’s and Tyler’s ages.Jill is 18 years older than Jack. In 8 years, she will be three times his age. How old is Jack?Amy is 23 years older than Taylor. In 6 years, Amy will be twice as old as Taylor. How old are they now?the différence of twice a number and 2 is most at-27.