Madison invested 3,300 in an account paying an interest rate of 6.7% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 5 years?

Lösung

M a d i so n in v es t e d 3, 300 in an a cco u n t p a y in g an in t eres t r a t e o f 6.7% co m p o u n d e d d ai l y . A ss u min g n o d e p os i t s or w i t h d r a w a l s a re ma d e, h o w m u c h m o n ey, t o t h e n e a res t t e n d o ll a rs, w o u l d b e in t h e a cco u n t a f t er 5 ye a rs ?

Amount : 4613.06

Schritte zur Lösung

Translate the problem into an equation:

A = 3300 (1 + \frac{0.067}{365})^{365 \cdot 5}

3300 (1 + \frac{0.067}{365})^{365 \cdot 5} = 4613.06145 \dots

Round to the nearest hundredth:

4613.06

Amount : 4613.06