Matthew invested 680 in an account paying an interest rate of 5.8% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 11 years?

Solution

Solution

Amount : 1286.97

Solution steps

Translate the problem into an equation:

A = 680 (1 + \frac{0.058}{365})^{365 \cdot 11}

680 (1 + \frac{0.058}{365})^{365 \cdot 11} = 1286.96512 \dots

Round to the nearest hundredth:

1286.97

Amount : 1286.97

Popular Examples

The diameter of a circle is 11 cm. Find its circumference in terms of pi The diameter of a circle is 3 cm. Find the circumference to the nearest tenth The sum of 3 and four times a number.two times a number minus six is eight lass than twice a number Three-fourths of a number minus 8 is under 13