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Populaire Word Problems >

Find the amount in the account for the given principal, interest rate, time, and compounding period.Pequals1, 900, requals3.5%, tequals5 years; compounded daily

Solution

F in d 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, 900​, re q u a l s 3.5​%, t e q u a l s 5 ​ ye a rs; co m p o u n d e d d ai l y

Solution

Amount : 2263.35

étapes des solutions

Translate the problem into an equation:

A = 1900 (1 + \frac{0.035}{365})^{365 \cdot 5}

1900 (1 + \frac{0.035}{365})^{365 \cdot 5} = 2263.34882 \dots

Arrondir à hundredth la plus proche:

2263.35

Amount : 2263.35

Exemples populaires

Caleb and Sidney deposit 1,000.00 into a savings account which earns 10% interest compounded annually. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?a time deposit account in a bank yields 5.5 percent compound interest. annually jennifer invested 450000 for 4 years in this savings account how much interest will she gain Six times the sum of a number and 3 is equal to 4.if nine coins are flipped, what is the probability of obtaining at least one head The sum of two numbers is 15 and their différence is 1.