Robert invested 860 in an account paying an interest rate of 5.1% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 13 years?

Solution

Solution

Amount : 1668.84

Solution steps

Translate the problem into an equation:

A = 860 (1 + \frac{0.051}{365})^{365 \cdot 13}

860 (1 + \frac{0.051}{365})^{365 \cdot 13} = 1668.84337 \dots

Round to the nearest hundredth:

1668.84

Amount : 1668.84

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