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9000 dollars is invested for 3 years with an APR of 2% and daily compounding. what is the balance in the account after 3 years

Solución

9000 dollars is invested for 3 years with an APR of 2% and daily compounding. what is the balance in the account after 3 years

Solución

Amount : 9556.51

Pasos de solución

Translate the problem into an equation:

A = 9000 (1 + \frac{0.02}{365})^{365 \cdot 3}

9000 (1 + \frac{0.02}{365})^{365 \cdot 3} = 9556.51321 \dots

Round to the nearest hundredth:

9556.51

Amount : 9556.51

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