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You deposit 2500 in a savings account. Find the balance after 4 years if the account earns 2% interest compounded daily.

Solución

You deposit 2500 in a savings account. Find the balance after 4 years if the account earns 2% interest compounded daily.

Solución

Amount : 2708.21

Pasos de solución

Translate the problem into an equation:

A = 2500 (1 + \frac{0.02}{365})^{365 \cdot 4}

2500 (1 + \frac{0.02}{365})^{365 \cdot 4} = 2708.21173 \dots

Round to the nearest hundredth:

2708.21

Amount : 2708.21

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