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Popular Word Problems >

Find the balance if Callie invests the 9000 in a money market fund that earns 2.95% compounded daily for 8 years. Round to the nearest cent.

Solution

solve for

t h e ba l an ce i f C a ll i e in v es t s t h e 9000 in a m o n ey ma r k e t f u n d t ha t e a r n s 2.95% co m p o u n d e d d ai l y f or 8 ye a rs . R o u n d t o t h e n e a res t ce n t .

Solution

Amount : 11395.46

Solution steps

Translate the problem into an equation:

A = 9000 (1 + \frac{0.0295}{365})^{365 \cdot 8}

9000 (1 + \frac{0.0295}{365})^{365 \cdot 8} = 11395.46011 \dots

Round to the nearest hundredth:

11395.46

Amount : 11395.46

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