en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Tyra invests 5400 in a new savings account which earns 4.3% annual interest, compounded daily. What will be the value of her investment after 6 years? Round to the nearest cent.

Solution

T yr a in v es t s 5400 in a n e w s a v in g s a cco u n t w hi c h e a r n s 4.3% ann u a l in t eres t, co m p o u n d e d d ai l y . Wha t w i ll b e t h e v a l u e o f h er in v es t m e n t a f t er 6 ye a rs ? R o u n d t o t h e n e a res t ce n t .

Solution

Amount : 6989.32

Solution steps

Translate the problem into an equation:

A = 5400 (1 + \frac{0.043}{365})^{365 \cdot 6}

5400 (1 + \frac{0.043}{365})^{365 \cdot 6} = 6989.32340 \dots

Round to the nearest hundredth:

6989.32

Amount : 6989.32

Popular Examples

Paula deposits 1000 in an account that pays 1.6% interest compounded monthly. After how many years will the value of the account be 1500? Round to the nearest tenth.yuko drove 819 miles in 13 hours. at the same rate,how many miles would she drive at 11 hours The sum of two numbers is 38. The large of number is seven less than twice the smaller number. Find the numbers two consecutive even integers have a sum of 34.Karen is 31 years old. Ashley is 17 years older than Karen and 41 years older than Clayton. How old is Clayton?