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Popular Word Problems >

An investment of 7,550 is made in an account compounded daily at 1.8%. How much will the investment be worth in 19 years?

Solution

implicit derivative

in v es t m e n t o f 7, 550 i s ma d e in an a cco u n t co m p o u n d e d d ai l y a t 1.8%. Ho w m u c h w i ll t h e in v es t m e n t b e w or t h in 19 ye a rs ?

Solution

Amount : 10628.5

Solution steps

Translate the problem into an equation:

A = 7550 (1 + \frac{0.018}{365})^{365 \cdot 19}

7550 (1 + \frac{0.018}{365})^{365 \cdot 19} = 10628.50061 \dots

Round to the nearest hundredth:

10628.5

Amount : 10628.5

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