Carter invested 3,900 in an account paying an interest rate of 3.9% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 5 years?

Solution

C a r t er in v es t e d 3, 900 in an a cco u n t p a y in g an in t eres t r a t e o f 3.9% 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 h u n d re d 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 5 ye a rs ?

Amount : 4739.66

étapes des solutions

Translate the problem into an equation:

A = 3900 (1 + \frac{0.039}{365})^{365 \cdot 5}

3900 (1 + \frac{0.039}{365})^{365 \cdot 5} = 4739.66347 \dots

Arrondir à hundredth la plus proche:

4739.66

Amount : 4739.66