You deposit 1500 in an account that pays 7% annual interest. Find the balance after 2 years when the interest is compounded daily. Round your answer to the nearest cent.

Solución

Solución

Amount : 1725.39

Pasos de solución

Translate the problem into an equation:

A = 1500 (1 + \frac{0.07}{365})^{365 \cdot 2}

1500 (1 + \frac{0.07}{365})^{365 \cdot 2} = 1725.38753 \dots

Round to the nearest hundredth:

1725.39

Amount : 1725.39

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