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Popular Word Problems >

Find the amount in the account for the given principal, interest rate, time, and compounding period.Pequals1 comma 900, requals3.5%, tequals4 years; compounded daily

Solution

solve for

t h e am o u n t in t h e a cco u n t f or t h e g i v e n ​ p r in c i p a l, in t eres t ​ r a t e, t im e, an d co m p o u n d in g p er i o d . P e q u a l s ​1 co mma 900​, re q u a l s 3.5​%, t e q u a l s 4 ​ ye a rs; co m p o u n d e d d ai l y

Solution

Amount : 1035.24

Solution steps

Translate the problem into an equation:

A = 900 (1 + \frac{0.035}{365})^{365 \cdot 4}

900 (1 + \frac{0.035}{365})^{365 \cdot 4} = 1035.23947 \dots

Round to the nearest hundredth:

1035.24

Amount : 1035.24

Popular Examples

How much interest is earned on 140 at 7% for five years?circumference of a circular garden is 141.3 feet. What is the diameter of the garden? Use 3.14 for pi and do feet the sum of two numbers is 53. if twice the first number minus three times the second number is 26, find both numbers The sum of two numbers is 32 . The second number is 5 more than twice the first number.decrease 35 by 60% whats the new amount?