You deposit 1500 in an account that pays 7% annual interest. Find the balance after 2 years when the interest is compounded daily. Round your answer to the nearest cent.

Solution

Solution

Amount : 1725.39

Solution steps

Translate the problem into an equation:

A = 1500 (1 + \frac{0.07}{365})^{365 \cdot 2}

1500 (1 + \frac{0.07}{365})^{365 \cdot 2} = 1725.38753 \dots

Round to the nearest hundredth:

1725.39

Amount : 1725.39

Popular Examples

four less than triple a number 7400 dollars is placed in an account with an annual interest rate of 6.25%. To the nearest tenth of a year, how long will it take for the account value to reach 39200 dollars?triangle has a base of 19.2 meters and a height of 10.7 meters. What is the area?transform The sum of two numbers is 25. Their difference is 7. Find the numbers.Christopher is 20 years younger than Ishaan. Ishaan and Christopher first met two years ago. Fourteen years ago, Ishaan was 3 times as old as Christopher.How old is Ishaan now?