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

Popular Examples

find the area of a circle with a diameter of 35.2.cm A loan of 14,000 is made at 6.75% interest, compounded annually. After how many years will the amount due reach 35,000 or more?the sum of a positive number and its square is 30. Find the numbers A die is rolled 9 times. Find the probability of rolling no more than 2 ones The circumference of a circle is 60.288 inches. What is the circle's diameter?

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