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Popular Word Problems >

Laura is investing 27,000 in an account paying 7.25% interest compounded daily.What will Laura's account balance be in 14 years?

Solution

L a u r a i s in v es t in g 27, 000 in an a cco u n t p a y in g 7.25% in t eres t co m p o u n d e d d ai l y . Wha t w i ll L a u r a^{'} s a cco u n t ba l an ce b e in 14 ye a rs ?

Solution

Amount : 74495.3

Solution steps

Translate the problem into an equation:

A = 27000 (1 + \frac{0.0725}{365})^{365 \cdot 14}

27000 (1 + \frac{0.0725}{365})^{365 \cdot 14} = 74495.30286 \dots

Round to the nearest hundredth:

74495.3

Amount : 74495.3

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