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21000 is invested for 5 years with an APR of 3% and daily compounding. what would the balance in the account after 5 years.

Solution

21000 is invested for 5 years with an APR of 3% and daily compounding. what would the balance in the account after 5 years.

Solution

Amount : 24398.37

Solution steps

Translate the problem into an equation:

A = 21000 (1 + \frac{0.03}{365})^{365 \cdot 5}

21000 (1 + \frac{0.03}{365})^{365 \cdot 5} = 24398.36870 \dots

Round to the nearest hundredth:

24398.37

Amount : 24398.37

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