Matthew invested 680 in an account paying an interest rate of 5.8% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 11 years?

Solución

Solución

Amount : 1286.97

Pasos de solución

Translate the problem into an equation:

A = 680 (1 + \frac{0.058}{365})^{365 \cdot 11}

680 (1 + \frac{0.058}{365})^{365 \cdot 11} = 1286.96512 \dots

Round to the nearest hundredth:

1286.97

Amount : 1286.97

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