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Popular Word Problems >

Samantha invested 50,000 in an account paying an interest rate of 4.1% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 8 years?

Solution

S aman t ha in v es t e d 50, 000 in an a cco u n t p a y in g an in t eres t r a t e o f 4.1% co m p o u n d e d d ai l y . A ss u min g n o d e p os i t s or w i t h d r a w a l s a re ma d e, h o w m u c h m o n ey, t o t h e n e a res t t e n d o ll a rs, w o u l d b e in t h e a cco u n t a f t er 8 ye a rs ?

Solution

Amount : 69408.17

Solution steps

Translate the problem into an equation:

A = 50000 (1 + \frac{0.041}{365})^{365 \cdot 8}

50000 (1 + \frac{0.041}{365})^{365 \cdot 8} = 69408.17006 \dots

Round to the nearest hundredth:

69408.17

Amount : 69408.17

Popular Examples

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