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Popular Word Problems >

Find the amount in the account for the given principal, interest rate, time, and compounding period.Pequals1,900, requals3.5%, tequals4 years; compounded daily

Solution

solve for

t h e am o u n t in t h e a cco u n t f or t h e g i v e n ​ p r in c i p a l, in t eres t ​ r a t e, t im e, an d co m p o u n d in g p er i o d . P e q u a l s ​1, 900​, re q u a l s 3.5​%, t e q u a l s 4 ​ ye a rs; co m p o u n d e d d ai l y

Solution

Amount : 2185.51

Solution steps

Translate the problem into an equation:

A = 1900 (1 + \frac{0.035}{365})^{365 \cdot 4}

1900 (1 + \frac{0.035}{365})^{365 \cdot 4} = 2185.50554 \dots

Round to the nearest hundredth:

2185.51

Amount : 2185.51

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