Popular >

use the appropriate compound interest formula to compute the balance in the account after the stated period of time. 23000 dollars is invested for 6 years with an APR of 3% and daily compounding. what is the balance in the account after 6 years

Solución

Solución

Amount : 27535.8

Pasos de solución

Translate the problem into an equation:

A = 23000 (1 + \frac{0.03}{365})^{365 \cdot 6}

23000 (1 + \frac{0.03}{365})^{365 \cdot 6} = 27535.79567 \dots

Round to the nearest hundredth:

27535.8

Amount : 27535.8

Ejemplos populares

Hanson opened a savings account and deposited 600.00 as principal. The account earns 15% interest, compounded monthly. How much interest will he earn after 6 years?Daryl is twice as old as Kathlyn. In 6 years, he will be four times as old as she was 3 years ago. Find their present ages.Hampton's current population is 443,864 residents, which is 20% smaller than at the time of its founding. What was the population of Hampton back then?Is the real number sqrt(1.21) rational or irrational?five times a number decreased by eight is at most ten more than twice the number