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Populaire Word Problems >

you deposit 500 dollars in an account that pays 2.5 percent annual interest Find the balance after 2 years when the interest is compounded daily.

Solution

yo u d e p os i t 500 d o ll a rs in an a cco u n t t ha t p a ys 2.5 p erce n t ann u a l in t eres t F in d t h e ba l an ce a f t er 2 ye a rs w h e n t h e in t eres t i s co m p o u n d e d d ai l y .

Solution

Amount : 525.63

étapes des solutions

Translate the problem into an equation:

A = 500 (1 + \frac{0.025}{365})^{365 \cdot 2}

500 (1 + \frac{0.025}{365})^{365 \cdot 2} = 525.63464 \dots

Arrondir à hundredth la plus proche:

525.63

Amount : 525.63

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