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Popular Word Problems >

If you invest 10, 000 at an interest rate of 5.2%, determine the total amount after 5 years compounded daily.

Solution

I f yo u in v es t 10, 000 a t an in t eres t r a t e o f 5.2%, d e t er min e t h e t o t a l am o u n t a f t er 5 ye a rs co m p o u n d e d d ai l y .

Solution

Amount : 12969.06

Solution steps

Translate the problem into an equation:

A = 10000 (1 + \frac{0.052}{365})^{365 \cdot 5}

10000 (1 + \frac{0.052}{365})^{365 \cdot 5} = 12969.06069 \dots

Round to the nearest hundredth:

12969.06

Amount : 12969.06

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