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Beliebt Word Problems >

21000 is invested for 5 years with an APR of 3% and daily compounding. what would the balance in the account after 5 years.

Lösung

​21000 i s in v es t e d f or 5 ye a rs w i t h an A PR o f 3​% an d d ai l y co m p o u n d in g . w ha t w o u l d t h e ba l an ce in t h e a cco u n t a f t er 5 ye a rs .

Lösung

Amount : 24398.37

Schritte zur Lösung

Translate the problem into an equation:

A = 21000 (1 + \frac{0.03}{365})^{365 \cdot 5}

21000 (1 + \frac{0.03}{365})^{365 \cdot 5} = 24398.36870 \dots

Round to the nearest hundredth:

24398.37

Amount : 24398.37

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