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Popular Word Problems >

You deposit 2500 in a savings account. Find the balance after 4 years if the account earns 2% interest compounded daily.

Solution

Y o u d e p os i t 2500 in a s a v in g s a cco u n t . F in d t h e ba l an ce a f t er 4 ye a rs i f t h e a cco u n t e a r n s 2% in t eres t co m p o u n d e d d ai l y .

Solution

Amount : 2708.21

Solution steps

Translate the problem into an equation:

A = 2500 (1 + \frac{0.02}{365})^{365 \cdot 4}

2500 (1 + \frac{0.02}{365})^{365 \cdot 4} = 2708.21173 \dots

Round to the nearest hundredth:

2708.21

Amount : 2708.21

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