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Find the amount to which 800 will grow under each of these conditions8% compounded daily for 10 years. Do not round intermediate calculations. Round your answer to the nearest cent.

Solution

Solution

Amount : 1780.28

Solution steps

Translate the problem into an equation:

A = 800 (1 + \frac{0.08}{365})^{365 \cdot 10}

800 (1 + \frac{0.08}{365})^{365 \cdot 10} = 1780.27667 \dots

Round to the nearest hundredth:

1780.28

Amount : 1780.28

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