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24000 dollars is invested for 6 years with an APR of 6% and daily compounding. what is the balance in the account after 6 years

Solution

24000 dollars is invested for 6 years with an APR of 6% and daily compounding. what is the balance in the account after 6 years

Solution

Amount : 34398.89

Solution steps

Translate the problem into an equation:

A = 24000 (1 + \frac{0.06}{365})^{365 \cdot 6}

24000 (1 + \frac{0.06}{365})^{365 \cdot 6} = 34398.88821 \dots

Round to the nearest hundredth:

34398.89

Amount : 34398.89

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