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Popular >

22000 is invested for 5 years with an APR of 2% and daily compounding. What is the balance after 5 years?

Solution

22000 is invested for 5 years with an APR of 2% and daily compounding. What is the balance after 5 years?

Solution

Amount : 24313.69

Solution steps

Translate the problem into an equation:

A = 22000 (1 + \frac{0.02}{365})^{365 \cdot 5}

22000 (1 + \frac{0.02}{365})^{365 \cdot 5} = 24313.69358 \dots

Round to the nearest hundredth:

24313.69

Amount : 24313.69

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