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Popular Word Problems >

Levi invested 160 in an account paying an interest rate of 3% 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

L e v i in v es t e d 160 in an a cco u n t p a y in g an in t eres t r a t e o f 3% 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 : 203.4

Solution steps

Translate the problem into an equation:

A = 160 (1 + \frac{0.03}{365})^{365 \cdot 8}

160 (1 + \frac{0.03}{365})^{365 \cdot 8} = 203.39785 \dots

Round to the nearest hundredth:

203.4

Amount : 203.4

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