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Mark is investing 8,000 in an account paying 5.5% interest compounded daily.What will Mark's account balance be in 6 years?

Solución

Mark is investing 8, 000 in an account paying 5.5% interest compounded daily.What will Mark's account balance be in 6 years?

Solución

Amount : 11127.47

Pasos de solución

Translate the problem into an equation:

A = 8000 (1 + \frac{0.055}{365})^{365 \cdot 6}

8000 (1 + \frac{0.055}{365})^{365 \cdot 6} = 11127.46838 \dots

Round to the nearest hundredth:

11127.47

Amount : 11127.47

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