Find the amount in the account for the given principal, interest rate, time, and compounding period.Pequals1, 900, requals3.5%, tequals5 years; compounded daily

Solution

Solution

Amount : 2263.35

Solution steps

Translate the problem into an equation:

A = 1900 (1 + \frac{0.035}{365})^{365 \cdot 5}

1900 (1 + \frac{0.035}{365})^{365 \cdot 5} = 2263.34882 \dots

Round to the nearest hundredth:

2263.35

Amount : 2263.35

Popular Examples

Caleb and Sidney deposit 1,000.00 into a savings account which earns 10% interest compounded annually. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?a time deposit account in a bank yields 5.5 percent compound interest. annually jennifer invested 450000 for 4 years in this savings account how much interest will she gain Six times the sum of a number and 3 is equal to 4.if nine coins are flipped, what is the probability of obtaining at least one head The sum of two numbers is 15 and their difference is 1.

Find the amount in the account for the given​ principal, interest​ rate, time, and compounding period.Pequals​1, 900​, requals3.5​%, tequals5 ​years; compounded daily

Solution

Solution

Popular Examples

Find the amount in the account for the given principal, interest rate, time, and compounding period.Pequals1, 900, requals3.5%, tequals5 years; compounded daily