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Popular Word Problems >

Mark is investing 8,000 in an account paying 5.5% interest compounded daily.What will Mark's account balance be in 6 years?

Solution

M a r k i s in v es t in g 8, 000 in an a cco u n t p a y in g 5.5% in t eres t co m p o u n d e d d ai l y . Wha t w i ll M a r k^{'} s a cco u n t ba l an ce b e in 6 ye a rs ?

Solution

Amount : 11127.47

Solution steps

Translate the problem into an equation:

A = 8000 (1 + \frac{0.055}{365})^{365 \cdot 6}

8000 (1 + \frac{0.055}{365})^{365 \cdot 6} = 11127.46838 \dots

Round to the nearest hundredth:

11127.47

Amount : 11127.47

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