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

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

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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Find the amount in the account for the given​ principal, interest​ rate, time, and compounding period.Pequals​1,900​, requals3.5​%, tequals4 ​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%, tequals4 years; compounded daily