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Find the balance if Callie invests the 9000 in a money market fund that earns 2.96% compounded daily for 8 years. Round to the nearest cent.

Solución

Find the balance if Callie invests the 9000 in a money market fund that earns 2.96% compounded daily for 8 years. Round to the nearest cent.

Solución

Amount : 11404.58

Pasos de solución

Translate the problem into an equation:

A = 9000 (1 + \frac{0.0296}{365})^{365 \cdot 8}

9000 (1 + \frac{0.0296}{365})^{365 \cdot 8} = 11404.57939 \dots

Round to the nearest hundredth:

11404.58

Amount : 11404.58

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