Popular >

A bank offers an investment account with an annual interest rate of 1.17% compounded daily. Kaitlin invests \$4200 into the account for 2 years. Assuming no withdrawals are made, how much money is in Kaitlin's account after 2 years?

Solution

A bank offers an investment account with an annual interest rate of 1.17% compounded daily. Kaitlin invests $4200 into the account for 2 years. Assuming no withdrawals are made, how much money is in Kaitlin's account after 2 years?

Solution

Amount : 4299.44

Solution steps

Translate the problem into an equation:

A = 4200 (1 + \frac{0.0117}{365})^{365 \cdot 2}

4200 (1 + \frac{0.0117}{365})^{365 \cdot 2} = 4299.43728 \dots

Round to the nearest hundredth:

4299.44

Amount : 4299.44

Popular Examples

marc is five times as old as martha. four years ago, the sum of their ages was 50. how old are they now?A boy is 6 years older than his sister. In three years, he will be twice her age. what are their present ages?what is the result when the number 33 is increased by 58%What is the radius of the circle that has a circumference of 23pi inches?Rose opened a savings account and deposited 1,000.00. The account earns 9% interest, compounded monthly. If she wants to use the money to buy a new bicycle in 2 years, how much will she be able to spend on the bike?